Any funds loaned to a participant pursuant to this §§ 33.095 through 33.101 shall be treated as an investment of the fund on behalf of such participant, credited to a subaccount in such participant’s salary deferral contribution account to reflect such participant’s investment in the loan, and charged against such participant’s salary deferral contribution account subaccounts invested in the investment funds at the time the loan proceeds are made available to the participant in such manner as the Committee, in its sole discretion, deems appropriate. To the extent so credited and charged, such salary deferral contribution account shall not participate in the net gain or net loss of the investment funds, but shall be credited with the interest paid on such loan. In the event the participant’s employment with the employer and all affiliates is terminated for any reason or the participant defaults on any such loan, the unpaid principal and accrued interest of such loan shall be discharged by payment out of the participant’s salary deferral contribution account.
(Ord. MET 86-13, passed 5-30-1986)