Loans
The following temporary relief on loans applies to a participant who meets the eligibility requirements above:
  • The amount available for a loan is increased up to $100,000 (up to 100% of the participant's vested account balance).
  • Loan payments will start January 2021.
  • Participants may elect to defer payments on current outstanding loans or for any new standard loans for the remainder of 2020.
In the event a participant has an outstanding loan and terminates employment, the outstanding loan amount must be paid back to the participant's Plan Accounts. Any amount not repaid must be claimed as ordinary income.