401(k) administrators perform many functions — including, frequently significantly reluctantly, banker.
As well as all the duties, plan administrators have the effect of the management of 401(k) retirement plan loans. This includes…
Ensuring that loans extracted from the master plan conform to the master plan documents & IRS guidelines
- Establishing payment withholdings in payroll
- Monitoring loan repayments
- Making sure the mortgage is paid back or precisely managed whenever a worker who’s got that loan leaves