During times of uncertainty, employees may rely more heavily on loans, making quality administration even more important. We’re here to help with guidance and tools for you and your employees.
New
regulations for extending rollover periods for certain loan offset amounts
If the plan
has a loan provision, your employees could be impacted by new legislation.
Last year, we
provided an overview of proposed regulations to clarify the extension of
rollover periods for qualified plan loan offset (QPLO) amounts. These
regulations have now been made final with only one change: The effective date has
been delayed. It now applies to loan offset amounts that are treated as
distributed on or after January 1, 2021. You may apply the new regulations to
offsets occurring on or after August 20, 2020. However, it's not required.
To learn more
about this legislation—and understand any implications for your employees—read the
updated article.
Best
practices for online loan administration
If online plan loans are allowed, you can keep loan administration running smoothly by using these best practices. Read the article.
