BenefitsLink Message Boards > Sole Prop. Loans

Help - Search - Members - Calendar

Full Version: Sole Prop. Loans

BenefitsLink Message Boards > Retirement Plans > Distributions and Loans, Other than QDROs

Fuzzy

Dec 5 2002, 11:00 AM

Can a Sole Proprietor take a loan from a profit sharing plan?

R. Butler

Dec 5 2002, 11:09 AM

Yes, as of 01/01/02.

jpod

Dec 5 2002, 11:09 AM

Yes; provided that the plan document allows loans and if it does it has been amended to reflect EGTRRA's repeal of the rule prohibiting loans to sole proprietors, owner-employees, etc.

This is a "lo-fi" version of our main content. To view the full version with more information, formatting and images, please click here.