Qualified 401(a) Retirement Plan loan policy changes

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June 25, 2015 by MOUNTAINEER ENEWS

Morgantown, W.Va. – WVU benefit-eligible employees who participate in either TIAA-CREF or Great West (Empowerment Retirement) through the West Virginia Higher Education Qualified 401(a) Retirement Plan will be receiving a mailing to their home address regarding changes to the current 401(a) Loan Policy. The West Virginia Higher Education Policy Commission (HEPC) and the West Virginia Council for Community and Technical College Education (CTCS) are taking seriously their commitment to help keep employee’s financial futures on track and to maintain the integrity of the retirement programs. Effective July 1, 2015 the following changes will be implemented:

* No more than three loans can be outstanding at any given time. The three outstanding loan maximum includes any loans currently in default.

* All costs associated with loans made after the effective date of the provision will be borne by the borrower.

* Upon full implementation of the new WVOASIS HRM/Payroll system and implementation of the Payroll Advantage Loan program, future loans may be repaid via payroll deduct

Click here to read more regarding the loan policy changes and for Frequently Asked Questions.