If your Plan provisions permit loan withdrawals, you may borrow the lesser of $50,000 or 50% of their vested account balance (reduced by the highest outstanding loan balance, if any, in the previous 12-month rolling period) to be repaid over a period of no more than 5 years (30 years if purchasing your primary residence) in equal installments through payroll deductions from net wages (after-tax dollars). Your Plan may permit you to have more than one active loan at a time. Unlike a loan from a bank, since you would be borrowing from your own retirement account, interest payments will be paid back into your retirement account. Please review the Summary Plan Description for details on the loan interest rate in your Plan. There is a one-time loan initiation fee of $175 plus the custodial institution's check transmittal fees which are deducted from your account balance (not your loan proceeds). There are no ongoing loan maintenance fees. Loan payments must be made in accordance with an amortization schedule which follows your payroll schedule. Participants are not allowed to voluntarily suspend loan payments unless Plan provisions allow for bona fide leave of absence suspension of payments. No accelerated or additional payments will be accepted, but you may pay down the outstanding balance of your loan in one lump sum if you choose. If you default on your loan payments, the outstanding balance will be converted into taxable income for the year of the default. You will receive a Form 1099-R detailing the tax implications of your loan default. Processing times for a loan withdrawal range from 5 to 15 days upon receipt of a loan withdrawal request and the subsequently-issued promissory note. You may continue to make contributions to your retirement account while making loan payments. 

Your Plan is enabled for online loan withdrawal requests (if your Plan provisions offer loans) where you may initiate your loan withdrawal from your Participant Portal and avoid having to complete and sign paper or PDF forms and attach supporting documentation. Log on to your Participant account and visit the Loans & Withdrawals page to access the loan withdrawal option for your Plan. If you are unable to initiate your withdrawal request online, visit the Forms section of our website (http://forms.rpgconsultants.com) to download a PDF copy of the appropriate withdrawal form. PDF forms have a longer processing timeline and additional requirements, such as an identity verification phone call, valid photo ID requirements, and supporting documentation.