§ 33.008 EMPLOYEE CONTRIBUTIONS.

   Consistent with 38 U.S.C. § 4318(b)(2) and I.R.C. § 414(u)(2), if a person is re-employed under 38 U.S.C. §§ 4301 et seq., with respect to the period(s) of service in the Uniformed Services, the participant may pay (if he or she has not already done so) and the Plan Administrator then shall allocate to the re-employed participant’s account any employee contributions in the amount required or any amount permitted that would have been required or permitted to be made and then allocated to the participant’s account if the participant had been actively at work for the employer. No such payment shall exceed the amount the re-employed person would have been permitted to contribute had the person remained continuously employed by the employer throughout his or her service in the Uniformed Services. Consistent with I.R.C. § 414(u)(2)(A)(i), any such payment to the plan may be made during the period beginning with the date of re-employment and whose duration is the lesser of five years or three times the period of the re-employed person’s service in the Uniformed Services.

(Ord. NIRC 97-1, passed 1-15-1997)

§ 33.009 PLAN LOAN REPAYMENT.

   To the extent permitted by I.R.C. § 414(u)(4), a plan loan may suspend the participant’s repayment obligation for any part of the period during which the participant performs service in the uniformed services, even if such service is not qualified military service.

(Ord. NIRC 97-1, passed 1-15-1997)

PLAN LOAN

§ 33.020 AVAILABILITY OF PLAN LOAN.

   When made available by the issuer or by the Plan Administrator, a participant (but not a beneficiary or alternate payee) may apply for and receive a plan loan secured by a portion of his or her plan account if the loan satisfies all of the applicable requirements of this subchapter.

(Ord. NIRC 97-1, passed 1-15-1997)

§ 33.021 PLAN LOAN MUST BE AVAILABLE TO ALL.

   Plan loans shall be made available without regard to any person’s race, color, religion, sex (or gender), sexual or affectional preference or orientation, age, national origin (ancestry) or any other factor to the extent that such consideration would result in discrimination prohibited by applicable state or local law. The person making or authorizing any plan may (but is not required to) include the applicant’s creditworthiness and financial need.

(Ord. NIRC 97-1, passed 1-15-1997)

§ 33.022 PLAN LOAN PROVISIONS.

   (A)   When made available by the issuer, plan loans are made available solely according to the provisions of the issuer’s written contract.

   (B)   When made available by the Plan Administrator, plan loans are made available solely according to the provisions of the written procedure specified by the Plan Administrator or the agent, and each such written procedure is incorporated in and made a part of the plan.

(Ord. NIRC 97-1, passed 1-15-1997)

§ 33.023 PLAN LOAN MUST BE ADEQUATELY SECURED.

   (A)   A plan loan shall not be made unless the plan loan is adequately secured.

   (B)   A participant’s account may be used as security for the plan loan to the extent of the issuer’s or the plan-trustee’s ability (consistent with the provisions of the plan) to satisfy the participant’s outstanding obligation in the event of default.

(Ord. NIRC 97-1, passed 1-15-1997)