September 06, 2012
Plans Administrative Services Inc. (BPAS) released a program that aims to help
terminated employees continue repaying loans after separation from service. ---
Under the MyPlanLoan Continuation Program, terminated
participants have the ability to continue repaying their loan under the
original terms, avoiding significant tax penalties associated with a default.
BPAS handles all billing, payment processing and administrative functions –
receiving monthly payments directly from participants, and depositing payments
to each participant’s plan account.
The service is also available for the loans of active
participants and the conversion of existing loans – providing flexibility while
allowing human resources to exit the business of loan
“This automated process eliminates the headaches of loan
administration. It allows loans to be repaid more quickly and can boost
overall plan participation,” said Barry S. Kublin, president of BPAS. “Our
prudent loan program allows plan sponsors to set loan limits below 72(p),
preventing employees from borrowing more than they should, and protecting
retirement savings. It’s a solution that benefits everyone.”
The MyPlanLoan Continuation Program is available for
retirement plans administered by BPAS. The entire MyPlanLoan program is
available to third-party administrators and retirement service providers as a
standalone service, with BPAS providing all back-office support
For more information about MyPlanLoan, contact Gwenn Paness,
sales director, at (646) 285-4937 or email@example.com.