As a result of the Coronavirus Aid, Relief and Economic Security (CARES) Act that was enacted on March 27, 2020 there have been changes to participant loans
Participant Loan Changes
For a qualified individual (as described above), the following changes are made to the rules for participant loans:
Similar to the changes for in-service distributions, a plan sponsor has the option to adopt these changes and has at least until the last day of the plan year beginning during 2022 to formally amend their plan document.
For additional information contact Ed Wodarczyk.
April 02, 2020
Enter your email address below and be notified when we post new information.