The BMC 401(k) Plan now requires employees to wait 15 days between paying off a Plan loan and taking out a new loan.
The new rule for loans became effective on September 1, 2017, and is considered a best practice by Fidelity, the Plan’s administrator. Previously, employees could take out a second 401(k) Plan loan before paying off an existing loan, which created delays in updating loan repayment information for paycheck deductions.
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Go online anytime or call 877-262-4849. Representatives are available from Monday through Friday, 8 a.m. to 9 p.m., Eastern time.
From enrollment reminders to important 401(k) information and benefits updates, you can be the first to know when your attention or action is required.