PATA
Mar 23 2005, 08:32 PM
What happens when a participant dies and there is an outstanding loan that the surviving spouse knew nothing about? No spousal signature on the loan doc. Is she liable for the loan? any recourse?
Belgarath
Mar 24 2005, 08:00 AM
Was the plan subject to QJSA? If not, then no spousal consent is required anyway.
1.401(a)-20, Q&A-24.
WDIK
Mar 25 2005, 02:23 PM
Can you somehow combine the correction principals under Sections 6.04 and 6.07 of Revenue Procedure 2003-44? The former section pertains to failure to obtain spousal consent and the latter to plan loan failures.
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