What would you like to do?
How long to get a check from mercer for a 401k loan?
Once you make the request for your loan, it takes 2 business days to process the request. Unless you request otherwise, your check will then be mailed by First Class mail to you, which takes another 2-3 business days. You can, however, request an overnight shipment of the check using a UPS or FedEx account number that you provide to Mercer (call UPS or FedEx first to get this setup). All in all, you're looking at 3-5 business days.
1 person found this useful
Was this answer useful?
Thanks for the feedback!
Answer . I had a client in the same situation. (I assume you are the person who took out the loan on your own 401(k) ). When the rollover took place, the amount of the o…utstanding loan was deducted from the rollover amount. So the loan was paid off when the rollover was made. . As a broad example, if you had a 401(k) with $10,000 in it, and had a loan of $1,000 against it, the rollover would be for $9,000.. So, your steps are (1) open a Rollover IRA and (2) contact your 401(k) administrator and ask for rollover paperwork.
No. No. There are, however, two points at work here as follows: A 401(k) account is a retirement account that is generally protected from creditors. You are only allowed …to access the funds at retirement or through loans where you are effectively borrowing money from yourself and paying yourself back that money with interest. Garnishing is a phrase that implies money being taken from income of some sort. Putting this all together, a loan company, if they get a judgment against you, could garnish your wages but would not be able to touch anything that has to do with your 401(k).
Yes, only if you are taking the loan from a 401(k) with your current employer, but the loan may only be used for the following specific actions: * Education expenses for self…, spouse or dependent child * Eviction prevention from principal residence * Medical expenses that may not be reimbursed * First-time purchase of a principal residence Most 401(k) plans allow the owner to take a loan out (despite being a legal feature of the plan, the cost to administrate loans is usually too high for some businesses and they choose NOT to allow the feature) for specific reasons. There are limitations on the minimum and maximum amounts borrowable and payments must usually be made through payroll deductions. If you have a 401(k) with an employer that you no longer work for, they will not typically allow you to take a loan.
check wif ur work
Yes, they must. All debts and ALL assets must be included. No exceptions. Your 401 is classified as an exempt asset by the court. However the loan isn't, and when it is discha…rged by the court, you will lose your 401k against it, and probably have substantial tax consequences. You need an attorney.
Ask your Plan Administrator for the necessary forms.
What is the usual amount of time it takes for a 401k loan check to arrive in the mail once it has been processed and sent out?
5-7 mailing days is standard
It depends. Not all plans allow withdrawals of any amount. And many have a restriction on how long you had to be a participant before you may do so. The administrator sh…ould be able to tell you about yours. Just noting, as the Q was posted under bankruptcy...taking a 401k loan before or during bankruptcy is one of the worst things you can do..you can easily be stuck without the money (that would have otherwise been exempr) but with the debt and a large tax bill.
I submitted for my loan on Wednesday evening and it's now Sunday evening and I still don't have my money (and I need to pay my morgage back payments by tomorrow in order t…o keep my home) so I can tell you that it could take as long as 5 days and maybe longer. A coworker tells me that he got his money in 3 days but tht was a few years ago. From what I understand, it all depends on when they receive the money from selling fund(s) or something like that. It'd suggest calling ML before you request the loan and ask if they can give you a specific time - but I wouldn't count on getting a very good answer. Sorry I couldn't be of more help.
To determine your 401K balance, allocation, and contribution history, you should first contact your Human Resources Department. They will most likely direct you to an onli…ne portal for your Plan Sponsor. If you have not accessed this information before, you may need to register for this access. Upon receiving a log-in and Password, you should be able to track your 401K information as often as you like.
Yes you can. it would be half of what you took out on the amount of your first loan. the interest is the same. take my advise...only take the loan if you really need it and pa…y back as soon as possible. I had to do it because I was overwhelm with high credit card interest. I caught up and pay back early. it's your money, you can do whatever you want Tiffani
Title 20, United States Code, section 1095a: "(a) Garnishment requirements Notwithstanding any provision of State law, a guaranty agency, or the Secretary in the case of loans… made, insured or guaranteed under this subchapter and part C of subchapter I of chapter 34 of title 42 that are held by the Secretary, may garnish the disposable pay of an individual to collect the amount owed by the individual, if he or she is not currently making required repayment under a repayment agreement with the Secretary, or, in the case of a loan guaranteed under part B of this subchapter on which the guaranty agency received reimbursement from the Secretary under section 1078(c) of this title, with the guaranty agency holding the loan, as appropriate, provided that - (1) the amount deducted for any pay period may not exceed 10 percent of disposable pay, except that a greater percentage may be deducted with the written consent of the individual involved; (2) the individual shall be provided written notice, sent by mail to the individual's last known address, a minimum of 30 days prior to the initiation of proceedings, from the guaranty agency or the Secretary, as appropriate, informing such individual of the nature and amount of the loan obligation to be collected, the intention of the guaranty agency or the Secretary, as appropriate, to initiate proceedings to collect the debt through deductions from pay, and an explanation of the rights of the individual under this section; (3) the individual shall be provided an opportunity to inspect and copy records relating to the debt; (4) the individual shall be provided an opportunity to enter into a written agreement with the guaranty agency or the Secretary, under terms agreeable to the Secretary, or the head of the guaranty agency or his designee, as appropriate, to establish a schedule for the repayment of the debt; (5) the individual shall be provided an opportunity for a hearing in accordance with subsection (b) of this section on the determination of the Secretary or the guaranty agency, as appropriate, concerning the existence or the amount of the debt, and, in the case of an individual whose repayment schedule is established other than by a written agreement pursuant to paragraph (4), concerning the terms of the repayment schedule; (6) the employer shall pay to the Secretary or the guaranty agency as directed in the withholding order issued in this action, and shall be liable for, and the Secretary or the guaranty agency, as appropriate, may sue the employer in a State or Federal court of competent jurisdiction to recover, any amount that such employer fails to withhold from wages due an employee following receipt of such employer of notice of the withholding order, plus attorneys' fees, costs, and, in the court's discretion, punitive damages, but such employer shall not be required to vary the normal pay and disbursement cycles in order to comply with this paragraph; (7) if an individual has been reemployed within 12 months after having been involuntarily separated from employment, no amount may be deducted from the disposable pay of such individual until such individual has been reemployed continuously for at least 12 months; and (8) an employer may not discharge from employment, refuse to employ, or take disciplinary action against an individual subject to wage withholding in accordance with this section by reason of the fact that the individual's wages have been subject to garnishment under this section, and such individual may sue in a State or Federal court of competent jurisdiction any employer who takes such action. The court shall award attorneys' fees to a prevailing employee and, in its discretion, may order reinstatement of the individual, award punitive damages and back pay to the employee, or order such other remedy as may be reasonably necessary. (b) Hearing requirements A hearing described in subsection (a)(5) of this section shall be provided prior to issuance of a garnishment order if the individual, on or before the 15th day following the mailing of the notice described in subsection (a)(2) of this section, and in accordance with such procedures as the Secretary or the head of the guaranty agency, as appropriate, may prescribe, files a petition requesting such a hearing. If the individual does not file a petition requesting a hearing prior to such date, the Secretary or the guaranty agency, as appropriate, shall provide the individual a hearing under subsection (a)(5) of this section upon request, but such hearing need not be provided prior to issuance of a garnishment order. A hearing under subsection (a)(5) of this section may not be conducted by an individual under the supervision or control of the head of the guaranty agency, except that nothing in this sentence shall be construed to prohibit the appointment of an administrative law judge. The hearing official shall issue a final decision at the earliest practicable date, but not later than 60 days after the filing of the petition requesting the hearing. (c) Notice requirements The notice to the employer of the withholding order shall contain only such information as may be necessary for the employer to comply with the withholding order. (d) No attachment of student assistance Except as authorized in this section, notwithstanding any other provision of Federal or State law, no grant, loan, or work assistance awarded under this subchapter and part C of subchapter I of chapter 34 of title 42, or property traceable to such assistance, shall be subject to garnishment or attachment in order to satisfy any debt owed by the student awarded such assistance, other than a debt owed to the Secretary and arising under this subchapter and part C of subchapter I of chapter 34 of title 42. (e) "Disposable pay" defined For the purpose of this section, the term "disposable pay" means that part of the compensation of any individual from an employer remaining after the deduction of any amounts required by law to be withheld." (emphasis added) My guess is that amounts already in your 401(k) should be safe from action made pursuant to this statute because your 401(k) is a personal asset and not "disposable pay" per 20 U.S.C. §1095a(e). Prospectively, however, amounts directed by your employer into your 401(k) are not safe as these amounts would be considered disposable pay, as they are not amounts required by law to be withheld and would be required to be sent by your employer directly to the creditor. The federal government also gets a cause of action to sue you on the note. A judgment lien obtained there can be collected as any ordinary judicial lien can be foreclosed. All they have to do is go to proceedings in aid of execution and you have to disclose your assets, including your 401(k). Then all they have to do is satisfy the lien out of the proceeds, which means they get a court order ordering the institution holding the account to pay over.
You may be able to tap into your 401(k) plan assets during a financial emergency. But while taking a loan or a hardship withdrawal may help solve an immediate need, the…re can be consequences that may reduce your long-term security.
Taking a loan through a work retirement plan means you're borrowing a portion of the money in your account and paying yourself back. Retirement plans offered th…rough work, including 401(k) plans, are not legally required to offer loans - with the exception of the federal government's Thrift Savings Plan that legally must offer loans under specific circumstances. Among work retirement plans that do offer loans, there are typically two loan categories: General loan - can be taken for any reason and must be repaid within five years Principle residence loan - for the purchase of a home you intend to live in full time; Repayment terms are typically extended to a maximum of 10 years and the employer may require documentation proving the funds were paid toward the purchase of a primary residence.
Getting a 401k loan can have a lot of negative impact on a person's life. One reason why a person shouldn't consider getting a 401k loan is because a person would have to pay …taxes on this loan twice after its been paid back. The first tax comes from a person personal income. The second tax that this person would have to pay is after this person reach retirement this person needs to pay taxes on the money they decide to withdraw from their banking account. As a result a person who borrow this much money will have to pay lots of taxes on this particular loan.