(A) Consistent with I.R.C. § 72(P)(B), a plan loan shall not be made unless the loan, by its terms, is required to be repaid within five years unless the loan is used to acquire the participant’s principal residence.
(B) 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)