Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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Loan & Distribution Specialist AimPoint Pension
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Bates & Company, Inc.
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AimPoint Pension
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Compass
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Regional Vice President of Sales The Retirement Plan Company
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The Potential Impact of 401(k) Loan Default Protection
planadviser Apr. 7, 2022 "EBRI's data suggests that 401(k)s could collectively preserve a whopping $1.9 trillion in participant retirement savings by enrolling participants who take out loans from their 401(k) into 401(k) loan protection, which protects employees from defaulting. According to the analysis, a typical 401(k) loan default will cost, over the course of a career, more than $150,000 for average borrowers ages 25 to 34, more than $184,000 for borrowers ages 35 to 44, more than $194,000 for borrowers ages 45 to 54 and more than $195,000 for borrowers ages 55 to 64." |
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