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Borrowing from Your 401(k)/457(b) Plan Accounts Loan Fact Sheet Phone: (855) 6164776 savingsplusnow.com Savings Plus allows you to take a participant loan from your account(s), based on the loan information
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Borrowing from your 401k457b refers to taking out a loan against your retirement savings in the form of a 401(k) or 457(b) account.
Those who decide to borrow from their 401k457b account are required to file the necessary paperwork with their retirement plan provider.
To fill out borrowing from your 401k457b, you typically need to submit a loan application form provided by your retirement plan provider.
The purpose of borrowing from your 401k457b is to access funds for financial needs without incurring taxes or penalties.
When borrowing from your 401k457b, you must report details such as the loan amount, interest rate, repayment terms, and reason for taking out the loan.
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