401k Plan Loans Just Became Easier
401k plan loans are a consistent area of concern for 401k plan administrators. If a plan sponsor struggles with the time-consuming tasks associated with approving plan loans or processing 401k plan loans, maybe there is an easy solution. Perhaps a quick-path to the best solution for 401k plan loans is readily available at no cost – by asking a Certified 401(k) Professional, C(k)P. At the conclusion of a Plan Sponsor University (TPSU) Fiduciary Education Program held at University of Oregon, TPSU Founder and CEO, Fred Barstein spoke with Rebbekkah, the Director of Finance and Human Resources at an Oregon based medical facility. The facility, which works with clients in the areas of pain and brain-oriented needs, employs approximately 38 employees. What are the best practices? With so many challenges and such exposure to 401k plan loans, the question becomes, should plan sponsors even offer loans? Having and following a solid set of 401k plan loan procedures is a good defense for properly managing participant loans. In many cases, an appropriate solution is easily available from your retirement plan provider. For a list of knowledgeable C(k)P Designation holders in your area, visit here.
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