Anchored by a new educational website at www.ProtectMy401kLoan.com, the campaign strives to educate the general public, media and Members of Congress about the growing problem of involuntary 401(k) loan defaults and a solution that exists.
According to the firm, Congress is currently debating a bill that could provide relief to borrowers across the country. H.R. 3656, the Retirement Savings Security Act, would allow defined contribution plans to enroll participants into loan life, disability and unemployment insurance or similar protection.
H.R. 3656 encourages plans to auto-enroll participants – who may opt out or decline coverage – into 401(k) loan protection. Custodia Financial offers protection for personal financial resources, including retirement savings loan protection.