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Submitted 248 days ago...

John09

New User (1)

My Union 401-k

Can my union, smwia, stop me from taking a loan against my 401-k. I was told the plan was not set up to do this. I was also told that the only way I could get it was #1 reach retirment age #2 leave the union and get it after 1 yr #3 pass away. But could'nt get a loan against it.

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Answer 1 / 1 - Submitted 166 days ago...

darlemull

Authority (602)

Yes. it is up to the sponsor (employer, union, etc) whether or not loans are allowed. It is an option, but it is not mandatory. And they are correct, you can only close if a distributable event happens, leave company, retirement age, or permanent disability.
They do not have to allow loans, so they are correct.

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