Page 39 - AprDefComp
P. 39

Other possible participant relief






 •  Other possible loan suspensions


 •  Authorized leave of absence


 •   Suspend  for period of LOA - only up to one year


 •   Interest continues to accrue


 •   When payments resume, loan must be paid off within
     five years of loan date


 •  Military leave


 •   Suspend for period of service - only up to five years


 •   Interest continues to accrue


 •   When payments resume, loan does not need to be
     paid off within five years of loan date


 •  Hardship withdrawals


 •  More stringent criteria than Coronavirus-related distributions


 •  Review your plan document for options



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