Description
Participant loans may be a necessary evil in many retirement plans, but they don’t have to be scary! Join Brooke Cozort to learn (or revisit) the ABCs of participant loans. Although now an ERISA attorney, Brooke was previously an administrator at a TPA firm and experienced her fair share of loan headaches. During this session, Brooke will assist those new to the industry understand the rules surrounding participant loans and will assist those familiar with the industry identify how to correct participant loans gone awry.
Learning Objectives
Understand the basics of a participant loan and the requirements under both the Internal Revenue Code and ERISA
Recognize when exceptions to the basic participant loan rules are acceptable
Identify when a participant loan goes into default and the rules surrounding the cure period
Consider what happens when participant loans fail to satisfy the Code and/or ERISA requirements and what steps employers and/or employees must take to correct th