(A) If the employer so elects under § 1-9-2(E), loans shall be made available to all participants on a reasonably equivalent basis, but only to the extent permitted under the annuity contract or other plan investment and the provisions of this section. No loan shall be made available under this Plan unless it satisfies all of the requirements of Code § 72(p) and any other applicable regulatory guidance, including the limitations on the total of a participant’s non-taxable loans from all plans of the employer for treatment as a tax-free loan.
(B) The making of loans under this Plan shall be subject to written guidelines set forth in a separate document (or under the annuity contract), which guidelines shall govern the availability, terms, and procedures for participants to obtain loans under this Plan. The availability of loans under this Plan may be suspended, terminated, or modified at any time.
(Ord. 05-11, passed 10-18-2005)