Plan Loans

Participants may take out a loan against their Plan account balance.* 

Maximum Amounts

• 50% vested balance**, or
• $50,000, whichever is less

Repayment

• Within five years
• Substantially equal payments
• Quarterly payments, at minimum
• 15 years, if for the purchase of a principal residence

Other Requirements

• Plan must allow for plan loans
• Plan must approve the loan

*Individual vendor contracts may or may not allow for this feature.
**If 50% of the vested balance is less than $10,000, you may borrow up to $10,000. Plans are not required to include this exception.