If you have a 401(k) loan, you may be wondering what happens to it if your employer moves the 401(k) plan from your current provider to Guideline or from Guideline to somewhere else.
Here’s what you can generally expect.
Your company’s 401(k) plan is moving to Guideline
If your company is moving their 401(k) to Guideline, your existing loan will transfer with the rest of your plan assets. If you have multiple loans, we will consolidate these balances under a single loan.
During the transition, we recommend monitoring your account and payroll to ensure your loan payments continue to be made. If any payments are missed, you’ll want to work with your employer to correct the missed payments. Additionally, once the loan is set up with Guideline, you can make additional payments.
Your company’s 401(k) plan is moving from Guideline to a different provider
If your company is moving to a new 401(k) provider, we will work with your employer to transfer your loan along with your other plan assets. Your employer will coordinate with the new provider to ensure your loan is set up correctly.
During the transition, we recommend monitoring your account and payroll to ensure your loan payments continue to be made. If any payments are missed, you’ll want to work with your employer and new service provider to correct the missed payments.
You left employment and want to rollover your loan
Guideline does not accept incoming loan rollovers or allow loan rollovers to another plan. If you have terminated employment and have an outstanding loan, you can read more about your options here.