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5 Answers
- WRGLv 77 years agoFavorite Answer
Alan is correct. But since it is a former employer you can move the funds in the 401K to self owned IRA and make loans from that.
- AlanLv 67 years ago
Yes. 401k loans are permitted by law, but the employer is not required to offer them. There are costs to the employer if they do (sometimes quite high especially for small businesses) and it adds another layer of regulations to their plans. So some opt not to allow it on their company plans.
- MuttLv 77 years ago
It's a FORMER employer. A loan against your 401(k) is paid back with payroll deduction, and if you leave the company before it's paid back, the remainder balanced is taxed as income.
Source(s): Had to take a loan against mine for legal action against me. Just finally finished paying it off last year. - Anonymous7 years ago
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- SlickterpLv 77 years ago
If they are a formal employer, how will they enforce it? The 401(k) isn't administered by them, is it?
