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Asked 11/11/2010
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401k loan and cancellation I have a loan outstanding from my current 401k plan. My company has announced that as of Jan 1 they will be cancelling the entire 401K plan.
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Answer 1/2 - Submitted 11/12/2010
Answer 2/2 - Submitted 11/12/2010
Even if they cancel the plan ,it is still in your name and own the account, you just cant contribute..you have several options...you going to pay tax and penalty for the loan you taken out if not paid in full after due date. renegotiate with the admenestrator of the plan i.e fidelity,,if possible convert your plan into roth ira. while taxes are still low....relax...
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