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Asked 2/7/2011
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My sister took out a $10,000.00 401k loan. she has now retired and she can't pay the money back. what is she to do? Here's the problem. The 401k was by her 1st employer. The 2nd employer took over the day care center that she was a teacher of. The loan payments were no longer deducted from her payroll check because my sister changed her 401k to fidelity. Now she is about to retire and can't pa this happen in 2008. No one in the 2nd company consulted her about the loan? or took the money out of the 2nd company's pay check.
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