According to a press release, Benefit Plans Administrators (BPA) has agreed to offer the plan loan option from Reserve Solutions, a New York provider of financial loan programs, to BPA’s plan clients.
Through PlanWeb, Pyramid’s plan administration platform, BPA’s plan participants can enroll in ReservePlus, as well as perform inquiries on their accounts, transfer balances, model loans and change their investment directives through an Internet browser.
By transferring the loan repayment mechanism from the employer’s payroll system to the program’s platform, participants who were previously denied plan loan features can be enabled, according to the firms. Additionally, the ReservePlus Loan can acommodate participants who:
- have terminated their employment
- have seasonable employment,
- are in Taft Hartley plans, or
- are in non-ERISA 403(b) plans, where payroll deduction is impractical.
The announcement said that ReservePlus offers a revolving line of credit, access on demand, assets continue to generate earnings within the plan, a monthly statement, a toll-free customer service VRU, and online access.
For more information about ReservePlus, go to www.reservesolutions.com .