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403(b) (9) loans are a way to borrow money from your 403(b)(9) retirement account. Reliant will deduct loan payments from your paychecks to "repay" the loan amount to your 403(b)(9)), 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. at MyGuideStone. Select Loans and Withdrawals >Loan.
Loans and loan repayment plans are managed directly between GuideStone and the employee. Reliant does not offer payroll deduction for loan payments.
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.)3.
Maximum term of any loan is 5 years.
- Loans can will be paid out in the form of a check or a direct deposit
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- via direct deposit
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See the See the Summary of Plan Provisions for more details.
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