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Written by Fifth Third Bank financial industry specialists.
As a plan sponsor, you are not required to offer plan loans. Many employers make this feature available, however, to encourage participation. The reasoning is that if your employees - particularly younger, lower paid employees - know they can access the money in their plan accounts, they’ll be more comfortable contributing to your plan.
Catch up on the latest developments in the retirement plan industry.
The April 2, 2015, edition of the IRS newsletter for plan sponsors (Employer Plan News) contained an important reminder: Plan sponsors that permit hardship distributions or participant loans should review their current practices to ensure they are operating in compliance with IRS requirements.
Equal Housing Lender