Subscribe (Free) to
Daily or Weekly Newsletters
Post a Job

Featured Jobs

Relationship Manager

Compass Retirement Consulting Group, Inc.
(Remote / NH)

Compass Retirement Consulting Group, Inc. logo

Retirement Plan Administrator

Nicholas Pension Consultants
(Remote / Corona CA / Rancho Cordova CA)

Nicholas Pension Consultants logo

Retirement Plan Relationship Manager

ERISA Services, Inc.
(Remote)

ERISA Services, Inc. logo

Retirement Plan Consultant

Carpenter Morse Group
(Remote)

Carpenter Morse Group logo

Quality Assurance Manager

Bates & Company
(Remote / Winter Park FL)

Bates & Company logo

Attorney

Central Pension Fund of the IUOE
(Washington DC)

Central Pension Fund of the IUOE logo

Client Service Manager

United 401(k) Plans, Inc.
(Remote)

United 401(k) Plans, Inc. logo

401(k) Distribution Manager

Nova 401(k) Associates
(Remote)

Nova 401(k) Associates logo

Enrolled Actuary

Prime Pensions, Inc.
(Remote)

Prime Pensions, Inc. logo

Distribution \ Loan Clerk

Retirement, LLC
(Remote / Oklahoma City OK)

Retirement, LLC logo

Associate General Counsel

Central Pension Fund of the IUOE
(Washington DC)

Central Pension Fund of the IUOE logo

Retirement Plan Legal Specialist

Pentegra
(Remote / West Harrison NY)

Pentegra logo

Executive Compensation Lawyer

Trucker Huss, A Professional Corporation
(Remote / San Francisco CA)

Trucker Huss, A Professional Corporation logo

Compliance Analyst

Pentegra
(Remote / West Harrison NY)

Pentegra logo

Defined Benefit Calculation Specialist/Actuary

The Angell Pension Group, Inc.
(Remote / East Providence RI)

The Angell Pension Group, Inc. logo

Jr Retirement Plan Administrator/ Administrative Assistant

Hochheiser Deutsch & Co, Inc.
(Melville NY)

Hochheiser Deutsch & Co, Inc. logo

View More Employee Benefits Jobs

Free Newsletters

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Mobile App image LinkedIn icon
Twitter icon
Facebook icon

<< Previous news item   |   Next news item >>



Refinancing of Participant Loan
BenefitsLink Message BoardsLink to more items from this source
Nov. 3, 2021

"A participant took out a loan from his 401(k) plan on January 1, 2018 with repayments over a 5 year period ending on December 31, 2022. Participant was a qualified individual under the CARES Act and requested a suspension of the loan back in June 2020. The loan was reamortized in January 2021 which extended the original repayment end date out one year to December 31, 2023. Participant is wanting to take out another loan, but the plan only allows one outstanding loan at a time. However, the plan does permit loan refinancing and the participant is now requesting to refinance the loan. The participant is looking to take out an additional amount and refinance to December 31, 2023. Is there an issue since the replacement loan is technically more than 5 years from the existing loan's origination date of January 1, 2018?"

Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the link above).
An important word about authorship: BenefitsLink® is providing a hypertext link to the item shown above, but is not the author of the item (unless otherwise specified).
© 2023 BenefitsLink.com, Inc.