401(k) loans are a way to borrow money from your 401(k) retirement account. Reliant will deduct loan payments from your paychecks to "repay" the loan amount to your 401(k), along with interest and applicable fees for the loan.
To request a Loan log on to your account at principal.com. Select Loans and Withdrawals > Request a Loan.
Loan Guidelines:
Maximum amount of any loan is the lesser of: a) 50% of the Member's Vested Account, reduced by any outstanding loan balance, or b) $50000, reduced by the highest outstanding loan balance during the one-year period ending on the day before the loan is made.
Minimum amount of any loan is $1000.
Maximum number of outstanding loans is 1. (An existing loan may be combined with a new loan request but the original loan term duration will still apply.)
Maximum term of any loan is 5 years.
- Loans can be paid out in the form of a check or a direct deposit
Important
If you want to request a 401(k) loan to be paid to you via direct deposit, please allow a minimum of 3-5 business days for processing. Also, you cannot make changes to your Personal profile within 30 days or requesting a loan to be paid out via direct deposit. If you change ANY personal information such as your password, email, etc., you will not be able to receive a loan via direct deposit. You will have to wait for a check to be mailed out.
See the Summary of Plan Provisions for more details.
Confidential Consultation
If you have questions about a Loan, please contact Barb Seckler, Employment Services, at 407-270-1318 or barb.seckler@reliant.org for a confidential discussion of your options.
