We
understand that running a successful plan loan program can be challenging. If your
plan allows for participant loans, to help make administering your plan's loan program
easier, make sure you are looking at the Loan Maintenance Report each quarter.
We've created a simple corrective guide that discusses how to fix
any issues and includes a handy glossary of loan-related terms. The tips below
also can help keep your program compliant and reduce your administrative time.
- Remember, you must ensure that each participant's loan request meets your loan program's requirements before being approved.
- Once a loan is approved, ensure timely repayments by promptly notifying your payroll team/provider to set up loan processing based on the participant's amortization schedule.
