Effective January 1, 2015, loan rules for the 401(k) and 457 plans will be amended to allow for up to two outstanding loans total from the plans at one time. In addition, effective January 1, 2016, the number of loans permitted at one time will be reduced to one.
There are many factors to consider before utilizing your 401(k) or 457 plan for a loan. Contact one of our Certified Financial PlannersTM toll-free at 1-866-444-6246 to discuss your personal situation and the impact this loan could have on your long term retirement plans.