Q. Can a company refuse a non-residential 403(b) qualified loan to a 66 year old (still employed at her district) because the employee is within five years of age 70½? Are there age restrictions related to 403(b) loans?
A. There is no such rule for participant loans. That said, the employer could adopt such a rule as a part of their loan policy, but I have never seen this. If there is no such policy then the employer/vendor/administrator could not deny a loan if a participant satisfied the other rules for receiving a loan.
A. There is no such rule for participant loans. That said, the employer could adopt such a rule as a part of their loan policy, but I have never seen this. If there is no such policy then the employer/vendor/administrator could not deny a loan if a participant satisfied the other rules for receiving a loan.
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