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FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
The stipulation of facts and the attached exhibits are
incorporated herein by this reference. At the time they filed
the petition, Isabel and Isaac Molina, Jr., resided in Dallas,
Texas.
In 1998, Mr. Molina borrowed $20,0002 (1998 loan) from his
section 401(k) retirement savings plan (retirement plan) with the
City of Dallas (the city). Shortly after he received the 1998
loan, Mr. Molina began making a series of equal monthly payments
(as part of a repayment schedule) on the 1998 loan.
In March 1999, the city terminated Mr. Molina’s employment.
At the time of his termination, the balance on the 1998 loan was
$19,619.74 and the remaining term was 2.33 years. Mr. and Mrs.
Molina made no further monthly payments on the 1998 loan after
Mr. Molina’s termination because the city did not have a system
for them to make monthly payments on the 1998 loan after Mr.
Molina’s employment was terminated. Additionally, after his
termination the city offset the 1998 loan with funds from the
retirement plan.
2 At trial and on brief, the parties consistently referred
to the amount Mr. Molina borrowed in 1998 as being $20,000.
Documents from the retirement plan for the period ending Dec. 31,
1998, list the amount Mr. Molina borrowed as $20,800. This
discrepancy, however, does not affect the outcome of this case.
For convenience, we shall refer to the amount borrowed as being
$20,000.
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