401(k) administrators perform many functions — including, usually notably reluctantly, banker.
As well as all the duties, plan administrators have the effect of the management of 401(k) your your retirement plan loans. This includes…
Ensuring that loans obtained from the master plan adhere to the master plan documents & IRS guidelines
- Establishing payment withholdings in payroll
- Monitoring loan repayments
- Making certain the mortgage is repaid or precisely handled whenever a worker who’s got a loan leaves