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Once GuideStone receives a fully executed loan application application from an employee, the funds will be electronically transferred to the employee's bank account. Please note: this process may take in excess of 10 business days before the deposit is received by the employee. Reliant has no ability to rush this process for an employee. Loans are managed by GuideStone and subject to their processing timelines. |
403(b
Reliant allows 401(K) Plan participants to request 401(K) Loans and Hardship Withdrawals. See the Summary of Plan Provisions for more details on the loan process.
Loans
401(K) loans are a way to borrow money from your 401403(kb) 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 Loan log on to your account at principal MyGuideStone. com - Select Loans and Withdrawals - Request a Loan. Loans can be paid out in the form of a check or a direct deposit.
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>Loan.
Loans and loan repayment plans are managed directly between GuideStone and the employee.
Reliant does not offer payroll deduction options 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 3.
Maximum term of any loan is 5 years.
- Loans will be paid out via direct deposit
See the Summary of Plan Provisions for more details.
Confidential Consultation
If you have questions about a Loan, please contact Barb Seckler, at 407-270-1318 or barb.seckler@reliant.org for a confidential discussion of your options
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