Business Retirement Accounts » Single Participant 401(k) Plans

Loans

Individual 401(k) plans may include a loan provision. Employees may take a participant loan and pay it back, with interest, to themselves. Defaulting, or failing to pay back the loan, is considered to be a deemed distribution and the amount outstanding is reported to the IRS on a 1099-R.

The maximum duration for a loan is five years, unless the assets are being used to purchase a primary residence. In this case, the maximum duration is 30 years, but Fiserv ISS loan policy is 15 years.


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After the close of the transaction where TD AMERITRADE Online Holdings, Inc. purchased Fiserv Trust Company, deposits of IAS accounts that remain with Fiserv Trust Company will remain on deposit with and FDIC insured through:

Fiserv Trust Company, member FDIC

INVESTMENT PRODUCTS - NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
Deposits of IAS accounts that moved to Trust Industrial Bank after the close of the transaction where TD AMERITRADE Online Holdings, Inc. purchased Fiserv Trust Company will be on deposit with and FDIC insured through:

Trust Industrial Bank, member FDIC

INVESTMENT PRODUCTS - NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE