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 Retirement Loan Education
While employed by the company sponsoring your retirement plan, you may be eligible to take a loan from your account. Like a loan that you might obtain from your local bank, taking a loan from your retirement account means that you are borrowing mone...
Can I Take a Loan From My Account?
Your Plan may allow participant loans. If your plan allows you to borrow from your account, the amount the Plan may loan to you is limited by IRS rules. The maximum loan is 50% of your vested balance up to $50,000. The available amount to borrow wil...
Requesting a Loan
To request a loan from your retirement account with Sentinel Benefits & Financial Group, follow these simple steps: 1.  To access your retirement account start at the Account Access page: Here If you have never logged in, ch...
Loan Repayments
If you decide to take a loan from your retirement plan, repayments will be made through payroll deductions. Your payment amount will be determined by the length of the loan and the frequency of your payroll.  If you choose to repay your loan e...
Paying Off My Loan Early
Paying off your loan or making a one-time partial payment* is simple and can be initiated online. Log into your online account to begin the process.  1.   Complete the online loan payoff form .  Access the form by selecting Plan ...
Loan Balance After Termination
The terms of your loan end the day you leave the company.  Therefore, the remaining balance may be deemed in default and taxable in the year the payments cease. To avoid your loan being reported as taxable income (and having the 10% penalty tax...
Are Loans Taxable?
401(k) loans are not reported as taxable income if they are re-paid by the borrower. However, if the loan is not repaid when you leave your employer and move the funds out of the 401(k), the loan amount is considered a distribution and you will owe ...
View Loan Details
Loan details can be viewed through your online account.  Log into your online account to see specific loan details.  1.  View Loans.  Access the details by selecting Manage My Account  and selecting View Loans from th...
Requesting a Coronavirus-Related Loan
Eligibility The CARES Act requires that the participant must be affected by the coronavirus pandemic to request a coronavirus-related loan. You are considered "affected" by the virus if: You are diagnosed with COVID-19 Your spouse or d...