- 6 -
* * * * * * *
(c) Loans made pursuant to this Section (when
added to the outstanding balance of all other
loans made by the plan to the Participant) shall
be limited to the lesser of:
(1) $50,000 reduced by the excess (if any)
of the highest outstanding balance of loans
from the plan to the Participant during the
one year period ending on the day before the
date on which such loan is made, over the
outstanding balance of loans from the plan to
the Participant on the date on which such
loan was made, or
(2) one-half (1/2) of the present value of
the non-forfeitable accrued benefit of the
Participant under the plan.
* * * * * * *
(d) Loans shall provide for level
amortization with payments to be made not less
frequently than quarterly over a period not to
exceed five (5) years.
* * * * * * *
(f) Any loans granted or renewed on or after
the last day of the first plan Year beginning
after December 31, 1988 shall be made pursuant to
a Participant loan program. Such loan program
shall be established in writing and must include,
but need not be limited to, the following:
(1) the identity of the person or positions
authorized to administer the Participant loan
program;
(2) a procedure for applying for loans;
(3) the basis on which loans will be approved or
denied;
(4) limitations, if any, on the types and amounts
of loans offered;
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011