A federal district court judge noted there are more than 460,000 loans at issue.
Tag: retirement plan participant loans
A participant has until the due date (with extensions) for filing his federal income tax return for plan loan offset amounts resulting solely from the participant’s termination of employment or the employer’s termination of the plan.
A report from Deloitte explores mechanisms to prevent loan leakage, including policy changes to plan design, loan education programs, debt consolidation, payroll program automation, and 401(k) loan insurance.
The number of participants taking hardship withdrawals remained less than 1%.