Brian Gallagher
Jan 23 2002, 11:33 AM
Where in the updated code can I see where owner-employees are now allowed to take loans under EGTRRA?
jaemmons
Jan 23 2002, 01:11 PM
According to SEC 613 of EGTRRA, IRC Section 4975(f)(6) was amended, as well as ERISA Section 408(d)(2) to allow for loans to owner-employees and shareholder employees.
merlin
Jan 24 2002, 11:45 AM
But remember that the plan must have loan language. If it doesn't, or only allows loans to non- owners or non- shareholders it will have to be amended.
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