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Author: Watty56 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75611  
Subject: Re: Simple question about 401k-to-IRA conversion Date: 2/25/2011 3:15 PM
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...Really? Because I've had 6 different 401(k) plans where I have looked at the loan provisions, and not one of them had this restriction. So either I have lived an incredibly charmed life with respect to 401(k) plans, or 'many' is more like 'some' or 'a few' or maybe even 'rarely'.....


I think mine has this limitation. A quick google found this;

From

http://www.investopedia.com/articles/retirement/06/eightreas...


If you borrow money from your 401(k) plan, most plans have a provision that prohibits you from making additional contributions until the loan balance is repaid. Even if your plan doesn't have this provision,....


It would at least be with checking first. It really dosn't matter what most plans do, it matters what your plan does.

Greg
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