Consistent with I.R.C. § 72(p)(A), a plan loan shall not be made to the extent that the plan loan (when added to the outstanding balance of all other plan loans and all plan loans under all qualified plans of the employer and all affiliated employers) would exceed the lesser of $50,000, reduced by the excess (if any) of the highest outstanding loan balance during the one-year period ending on the day before the date on which the plan loan is made, over the outstanding loan balance on the date on which the plan loan is made; or the greater of one-half of the present value of the participant’s non-forfeitable accrued benefit (under this plan and all qualified plans of the employer and all affiliated employers), or $10,000; or would otherwise exceed any limit under I.R.C. § 72(p)(2)(A) or under I.R.C. § 457(b) and (g).
(Ord. NIRC 97-1, passed 1-15-1997)