You can take a loan from your retirement account if your plan allows loans and you meet the requirements under your plan's loan policy. Remember that taking a loan from your account will reduce the money working for you and can reduce the amount of money available to you when you retire so you should think carefully about whether taking a loan is the best financial decision for you. To learn more about the pros and cons of taking a loan from your account, review our article "Should I Take a Loan?"
Instructions to request a loan online are included below. If these options do not appear on your account, or if you encounter any issues submitting a request, please contact Participant Services at 1-800-878-5220.
REQUEST A LOAN
- Log into your MyPlanConnection.com account
- Verify your personal data is up-to-date
- If there are any changes in your personal data (name, address, contact information, etc.) please have your Human Resources/Payroll department make any necessary corrections before proceeding with your request.
- If there are any changes in your personal data (name, address, contact information, etc.) please have your Human Resources/Payroll department make any necessary corrections before proceeding with your request.
- Select "Manage Account" on the upper-right side of your screen
- Select “Request a Loan"
- Expand the dropdown menu beneath 'Loans' and select the desired loan type.
- Click “What you should know” to review important details before proceeding.
- Helpful Tip: The Quick Loan Calculator allows you to model different loan amounts and payback periods until you are satisfied with the terms of your loan. Be sure to click ‘CALCULATE” each time to see your new payment amount. You can also click "Review Amortization Schedule" to see when your loan is expected to begin and end, and to review your anticipated payments.
- Click “What you should know” to review important details before proceeding.
- When you are ready, select "Get Started" to begin your request. Complete the screens that follow. Be sure to monitor your emails (including your junk/spam folder) for important next steps to complete your request.
After you have submitted your loan request and all requirements have been met, your loan will be submitted to your Plan Administrator for approval. We will notify you by email when your loan has been approved, so please verify that your current email address is up to date. Please be aware that we and your Plan Administrator take the security of your account very seriously and will take several steps to verify your identity. Loan and payment options may also be limited in order to ensure that your money does not fall into the wrong hands. Please be patient since these security measures are put in place to protect your money.