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Keeping Your Balance: Retirement plan loan pitfalls

To some employees, a loan from their retirement plan account seems like a convenient and quick way to access some much-needed cash. However, these transactions can carry pitfalls with them that both participants and plan sponsors need to be wary of. Background Many plan sponsors of profit-sharing, money purchase, 401(k), 403(b) and 457(b) retirement plans allow participants ...

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