By Stephen J Butler

The writer, cofounder of a third-party pension management company and public speaker, discusses how 401(k) plans paintings, the right way to check the standard of a plan, and the way to revamp it to be larger. Of most probably curiosity to corporation decision-makers and energetic 401(k) plan individuals.

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401(k) today: designing, maintaining & maximizing your company's plan

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For example, a participant with an $8,000 account balance can borrow all $8,000, but $4,000 of the loan must be collateralized. Or, if a participant with a $10,000 account balance borrows $6,000, the first $5,000 (50% of $10,000) requires no collateral, but the remaining $1,000 of the $6,000 loan requires collateral. One thing to keep in mind: In any situation in which the loan balance is going to be more than 50% of the account balance, the maximum loan is $10,000. At first glance, this expanded loan limit may not seem worth the effort, but it can significantly improve the overall contribution level of lower-paid employees.

The Ability to Borrow is Crucial to a 401(k) Plan's Success ¨ Loans can be made for any purpose. ¨ Loan amounts are 50% of the account balance up to a maximum loan of $50,000; however, participants can borrow 100% of the first $10,000 in their accounts. ¨ Loan interest rates are comparable to those of local financial institutions, and the loan term can be up to five years, and up to 20 years for the purchase of a primary residence. ¨ Without a liberal loan policy, participants who need to withdraw money from their accounts are forced to use hardship distributions, which carry draconian taxes and penalties.

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