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457 Loan?

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Does anyone know about a new tax code allowing a government employee to take a loan against her 457 account? If so, what are the details? What are the payment/interest options?

 

Thanks!

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Guest Sierra

Does anyone know about a new tax code allowing a government employee to take a loan against her 457 account? If so, what are the details? What are the payment/interest options?

 

Thanks!

 

This is permitted---contact your 457(b) Plan Administrator for the details of your loan program. Remember, a loan reduces your 457 balance by the amount of the loan. If you do this on a regular basis you will have much less upon retirement than you otherwise would----EVEN IF YOU ALWAYS PAY OFF THE LOAN IN A TIMELY FASHION.

 

Peace and hope,

Joel L. Frank

 

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