which are the drawbacks for this style of loan or perhaps the repercussions for lacking re re payments? These details sheet responses these questions and offers information that is general the main points and mechanics of 401(k) loans.
What exactly is a 401(k) loan?
A 401(k) loan is a pastime bearing loan on a participant’s current 401(k) stability.
- There aren’t any fees withheld or charges assigned whenever that loan is initially taken.
- Charges could be charged upon loan creation. Begin to see the Loan Administration Policy/Program for certain participant loan limitations and expenses.