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Asked 12/6/2010
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Can my 401k plan be restructured to not have deemed defaulted loans count as outstanding loans? I took two loans many years ago and defaulted on both over a year ago. Our plan only allows two loans. I was told by three customer service reps that I could have our plan restructured to not have the deemed defaulted loans count as outstanding loans, which would enable me to take another loan. My company said they would restructure it if it is possible, but our group rep says it is an IRS regulation that will not allow me to ever take another loan unless I pay one of the defaulted loans off in full. Please help me find the truth as I desperatly need access to this money. |
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