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Asked 2/18/2009
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Borrowing from 401k My company does not allow a general purpose loan from my 401k. I am trying to fight this because I need to access my money. It does not seem fair that my tax dollars can be used to bail out ivy league educated CEO's but I am not allowed to use my money to bail myself out. Where can I turn to fight this? I do not want to commit political suicide, but I want legislation to be changed to force the general loan provision to be manditory in all 401k plans. |
Answer 1/1 - Submitted 2/18/2009
This is allowed, and most plans DO allow for it, but it is completely up to the EMPLOYER who sponsors the plan. Some of them don't want to deal with the payroll deduction to pay the loan back.. So a lot of smaller companies do not opt to allow the loans. The legislation will not likely amend this, as they tend to want to make this money COMPLETELY inaccessable, until retirement... Not sure how your relationship is with your employer, but they can amend the plan (it does cost $) to allow all employees to take loans.
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