UpFront
Updating Policies to Discourage Loans
Changes to maximum loan amounts and number of loans, as well as the imposition of fees and higher interest rates on loans can be written into loan policy statements in an effort to discourage this type of plan leakage.
Reported by Lee Barney
Art by Jackie Ferrentino
To access this premium content, please sign up for a free account!
You Might Also Like:
Benefits |
Huntington Ingalls Offers Employees Alternative to 401(k) Loans
The military shipbuilding company saw a significant decrease in employees taking out 401(k) loans after offering the financial wellness software...
EBRI to Host Webinar on Impact of Credit Card, Student Loan Debt
The March 27 event will see panelists discuss how mounting debt can negatively impact employees’ 401(k) contributions and balances.
Survey Shows Drop in Retirement Confidence Since February
A new Bank of America report reveals a recent downward trend in employees’ retirement confidence and financial wellness.