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)