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Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 55473
Experience:  Attorney with 29 years of experience.
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I am trying to take out a loan on a 401(k) plan that I have.

Customer Question

I am trying to take out a loan on a 401(k) plan that I have. The site plan administrator at my work refuses to sign the papers so that I can proceed with the loan. Are there any legal options that I can take to get the site administrator to sign?
Submitted: 6 years ago.
Category: Legal
Expert:  Richard replied 6 years ago.
Good morning. Are loans allowed under your 401k plan?
Customer: replied 6 years ago.
Did you receive my reply?
Expert:  Richard replied 6 years ago.
I have not....can you re-post it? Thanks.
Customer: replied 6 years ago.
Yes, I can take out a loan on this 401k plan as long as the site administrator signs the required papers, but he refuses to sign.
Expert:  Richard replied 6 years ago.

Thank you. I would send the site administrator a certified letter demanding that he either sign this loan within a short specified period of time or you will have no choice but to file a formal complaint with the Department of Labor. These are not the site administrator's own personal funds and the administrator does not get to act arbitrarily and capriciously. If the loan does not get signed, file your complaint...but in my experience, the administrator is not going to let it get that far.

 

 

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Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have different intricacies in their laws and any information given is simply general information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.