Institute Comments on Proposed Plan Loan RegulationsWashington, DC, October 31, 2000 - The Institute submitted a comment letter to the Internal Revenue Service (IRS) addressing final and proposed regulations on loans from retirement plans. The letter discusses: - the impact of the Electronic Signatures in Global and National Commerce Act (E-SIGN) on final plan loan regulations, which were published on July 31, 2000;
- issues arising from proposed regulations, also issued on July 31, regarding multiple loans and loan refinancing; and
- the availability of plan loans in section 457 plans.
The Institute letter states, among other things, that E-SIGN should enable plans to enter into loan agreements with plan participants electronically and to produce, execute, and process all necessary loan documentation, including any required spousal consents and related notarizations electronically.
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