Retirement Plan Loans

Some retirement plans offer a loan option where you can borrow from the money you've contributed to your plan and pay yourself back from your paycheck. The following loan types may be available to you:

• General Purpose Loan
  • Can be requested for any reason. Maximum repayment term of 5 years.
• Residential Loan
  • Only for use if purchasing a home. Home purchase documentation required, such as purchaser's agreement. Maximum repayment term may be approved for longer than 5 years if needed.
• Hardship Loan
  • Subject to the IRS hardship qualifications. Documentation required to verify hardship need. Maximum repayment term of 5 years. The conditions for qualifying for a hardship loan are specific to the following:
    • Purchase of primary residence
    • Prevention of eviction or foreclosure on primary residence
    • Medical expenses for you, spouse or dependent
    • Upcoming college education expenses for the next 12 months for you, spouse or dependent
    • Burial or funeral expenses for spouse, dependent or parent
    • Expenses for the repair of damage to your primary residence that would qualify for the casualty deduction under the Internal Revenue Code
    • To pay expenses resulting from a FEMA designated disaster zone

To initiate a loan, you will need to log in to your account at www.greenleaftrust.com and select Loans from the Loans and Withdrawals menu.  Unless you are using the funds to purchase a primary residence, you will choose a general purpose loan. You will have the ability to select the number of payments you want to make, allowing you to control your payback amount per pay period.

For further instructions on how to use the website to initiate the loan, watch this helpful video for instructions: How to submit a loan - Show Me Videos or visit the How-To menu online.

If you need assistance, please contact us for help: 

Participant Services Team

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Live Chat: www.greenleaftrust.com