cancel
Showing results for 
Search instead for 
Did you mean: 

401 K Loan Deductions

Former Member
0 Kudos

Our Company has interface which feeds Data from Sap to Great West for 401k loan deductions. Great west accepts the loan amounts as in multiples of the loan repayment.When the employee gets paid and the amount in arrears table gets deducted

not in the multiples of 401k loan payment .The requiremnt is the wage type needs to be deducted in the multiples of the loan repayment (that is $ 50 and the repayment should be $50,$100,$ 150...)But in sap the loan repayment amount deduction is not inmultiples from arrears table.Some times it deducts $70 for the loan repayment. The great west rejects thie payment because it is not in multiples of the laon repayment.

View Entire Topic
Former Member
0 Kudos

Hi ,

have u resolved ur issue with 401K loan? please suggest how u did?

I am also facing the same. After setting priority also if it go to arrears due to some LWP in the same month ?

Former Member
0 Kudos

This message was moderated.

Former Member
0 Kudos

401(k) distribution, taken as a loan: What are the tax implications?

Can someone explain the above for me.

Rgards

[Certified Forensic Loan Auditors|http://certifiedforensicloanauditors.blogspot.com/]

Edited by: Lehman on Sep 19, 2011 1:11 PM