I am looking at my Association's 401(k) Loan Program. I would like to take a quick poll of what other organizations offer as their 401(k) loan program to benchmark from.
Our loan program:
We offer participants up to two general purpose loans.
Loans can be between 1-5 years.
Loans can be refinanced (only once).
Administrative Fees: $65/new loan & $40/refinanced loan
We follow all ERISA and applicable state regulations
1. Does your organization offer 401(k) loans?
2. How many loans do they offer?
3. Maximum length of time they can borrow?
4. Any restrictions on how the loan must be used (i.e. general purpose or other)?
5. Can loans be refinanced?
6. What are the administrative fees charged?
Any feedback is greatly appreciated!!!
Chris Migliaccio
NRECA, Internal Audit Advisor
[EMAIL PROTECTED]
703-907-5891
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