401(k) administrators play many roles — including, frequently notably reluctantly, banker.
As well as all the other duties, plan administrators are responsible for the management of 401(k) your your retirement plan loans. This includes…
Ensuring that loans extracted from the master plan conform to the master plan documents & IRS guidelines
- Starting payment withholdings in payroll
- Monitoring loan repayments
- Making certain the mortgage is repaid or properly managed whenever a member of staff who may have a loan leaves