TRAM Group

 

 

April 16, 2020

 

CARES Act Suspension of 401(k) Loan Repayments

The Coronavirus Aid, Relief, and Security Act (CARES Act) was signed into federal law on March 27, 2020. The CARES Act was passed to assist in these unique and challenging times.

If you meet the loan repayment suspension qualifications and have an outstanding 401(k) loan on or after the CARES enacted date (March 27, 2020) you have the choice to suspend your loan repayments between March 27, 2020 and December 31, 2020 for a period of one year.

After December 31, 2020 the loan will be re-amortized to account for the suspended payments, this will also include accrued interest. The term of the loan will be extended for up to the length of the suspension.

To Qualify for a Loan Repayment Suspension:

1. Diagnosed with the Coronavirus (via test approved by CDC), or

2. Spouse or dependent is diagnosed with virus, or 

3. Experiencing adverse financial consequences as a result of:

 

To Suspend your Loan Repayments:

1.       Contact Transamerica to suspend your current 401(k) loan

2.       Login to www.transamerica.com or call the Call Center at 1-800-755-5801

3.       Download and complete the Self-Certification/Loan Repayment Suspension form located on the Transamerica website

Or

Request a hardcopy to be mailed to your home address.Complete the hardcopy and mail back to Transamerica

4.       Transamerica will make a determination and process request

5.       Transamerica will notify your local Human Resources Department

6.       Your local Human Resources Department will temporarily suspend your loan payment

 

If you have any questions please contact Transamerica at 1-800-755-5801 or www.transamerica.com.