401K loan policy
Can my employer change loan policy on 401K plan? At one time, employees were able take a loan on our 401k but can no longer. I do not remember being informed of the policy change.
Attorney Answer
1
Christopher Lane ·
Your employer should have informed you about this, but the change is probably effective unless there is a provision in your employment contract or the company employment policy manual promising the ability to do this. Usually, the terms of the 401k are not spelled out.
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