MyPlanLoan is a full-service loan administration solution that solves the various complexities of offering participant loans in qualified and certain non-qualified retirement plans. MyPlanLoan not only benefits participants, but recordkeepers and plan sponsors alike.
MyPlanLoan simplifies participant loan administration by taking over the collection of participant loan repayments.
MyPlanLoan provides a valuable option for terminated participants, allowing them to continue to make payments on their outstanding retirement plan loan, helping to avoid the significant tax penalties associated with a loan default.
MyPlanLoan is available to active participants, as well. Some employers, especially those with geographically disbursed workforces, find the process of collecting participant loan repayments to be cumbersome, at best. MyPlanLoan can allow these employers to offer their employees borrowing privileges without the hassle of making sure the loan repayments are being properly handled via payroll.