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401k Loan Agreement

401k Loans | Fiduciary Responsibilities | Maximizing Tax Deductions | And More

46% of retirement plan participants who borrow from retirement plan do so for debt consolidation.

Other typical reasons for 401k loans include emergency funding, home purchase or improvements, and supplementing income due to job loss. Sadly, nearly 15% of retirement plan participants who borrow from their 401k plan do so to fund a special event, such as a vacation or wedding. We explore participant loans in our featured article, Borrowing from 401(k)s - Short-Term Solution, Long-Term Impacts.

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Spectrum Consultants is a multidisciplinary B2B consulting firm, which specializes in 401k administration, benefit plan outsourcing, business solutions, and management consulting.

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