What needs to be done to implement the expanded loan provisions?
No action other than to decide to offer this option and communicate its availability to participants is required. The plan will eventually need to be amended by the end of the plan year beginning in 2022 (December 31, 2022 for calendar year plans).
Cetera Retirement Plan Specialists is a third-party administrator and may not offer tax, legal or investment advice. Plan sponsors should consult their own tax, legal or investment professionals.