Tag: retirement plan participant loans

With the coronavirus relief bill drawing plan sponsors’ attention to their loan policies, it is a good time to consider...

Each week, Carol Buckmann, with Cohen & Buckmann P.C., will explain legislative provisions or official guidance related to the COVID-19...

Important differences suggest that a look at DC plan participant actions during the Great Recession may not offer insight into...

Plan sponsors are urged to consider factors other than the short-term financial needs of their employees before adopting new loan...

Coupling more generous loan programs with robust educational resources is a good place to start.

Relatively few are taking action to suspend or decrease contributions, and they are prudently relying on providers for guidance, a...

Alison Borland, with Alight Solutions, discusses why the firm determined the CARES Act provision allowing larger loans is sub-optimal when...

Plan sponsors can opt in to the voluntary provisions.

Reminders about the long-term effects of plan leakage on retirement savings could protect retirement plan participants from making harmful decisions.

Plan sponsors can ‘opt-in’ to offer the provisions to participants.

A court judgment requires the fiduciaries to not only restore the unremitted repayments to the plan, but also $16,782.80 in...

George White, with Custodia Financial, discusses how retirement plan loan defaults can throw a wrench in retirement savings and what...

Allowing a cure period for plan loans may help preserve participants’ retirement savings and meet plan sponsors’ fiduciary responsibilities.

Additional benefits and loan policy changes can keep participants from taking loans while other strategies can prevent loan default.

A Deloitte analysis finds a typical defaulting borrower could lose $300,000 in retirement savings over his career.

Offering defined contribution (DC) retirement plan participants the chance to take a loan from their accounts encourages participants to join...

The damage is worse for younger workers, as their savings time horizon is longer than older workers.