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Delta-Lawyer, Lawyer
Category: Employment Law
Satisfied Customers: 3546
Experience:  In-House Counsel & Litigator
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Does federal law allow borrowing against my 1199SEIU pension

Customer Question

Does federal law allow borrowing against my 1199SEIU pension for other than a home if I am fully vested?
Submitted: 3 months ago.
Category: Employment Law
Expert:  Delta-Lawyer replied 3 months ago.

Yes, federal allow allows this type of borrowing, though the amount you can borrow is limited. If you are purchasing your principal place of residence, have been approved for a mortgage and are vested, you can borrow a sum between $1,000 and $7,500 to pay the down payment or closing costs. However, the amount of your loan cannot exceed 1/2 of the present value of the pension you have earned when you apply for the loan.

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Expert:  Delta-Lawyer replied 3 months ago.

Just checking to see if you have any additional questions? I want to make sure you are as comfortable as possible moving forward. Thanks

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