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Loans Image

Although your 403(b) program is intended for retirement savings, you may have a financial need that you wish to meet by taking a loan against your retirement savings.

Current 403(b) regulations require 403(b) plan loans to satisfy the same rules as those followed under 401(k) plans, including allowable outstanding loan limits.

Please keep in mind that your employer’s plan must specifically provide for loans for them to be available under the 403(b) funding contract or account.

How a Loan Works

A loan allows you to borrow money from and repay money into your 403(b) program account. This loan is like other loans in that you borrow money at a specified interest rate and pay back principal and interest over a specified time.

It's different in that the interest you pay may be credited to your 403(b) program account to help restore your retirement savings. You're obligated to begin making repayments immediately.

Depending on your 403(b) provider, you may be able to make loan repayments via payroll withholding, coupon book, electronic debit instruction or some other offered method. Generally, your 403(b) program has a minimum amount you may borrow and a maximum repayment period.

To Request a Loan

Check with your employer to confirm whether plan loans are available. Speak to your 403(b) vendor representative to begin the loan request process.

Circular 230 Disclaimer - The information contained in this internet web page (including linked pages) concerning Federal tax issues is not intended to (and cannot) be used by anyone to avoid IRS penalties. This communication is intended to support the sale of insurance, annuity and other financial products and services. You should seek advice based on your particular circumstances from an independent tax advisor.

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