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Question
I currently have a loan from my Fidelity 401K plan.I used it to buy my first home.The term giving to me was a "5 year" repayment plan.Now the monthly payment is put me in financial trouble.Is there a way to have or force Fidelity to modify the loan, or change it to distribution, to lower the payments,extend the length of the re-pay, or show it as a distribution and tax me to make the loan go away.
You could contact your 401K representative or HR whomever you talked to getting the loan approved orignially.
You would want to ask about a Hardship distribution. I do not know if your plan allows it and if it does what the criteria is for allowing it. That would be in the SPD for your particular plan.
I suggest you contact your 401K administrator and ask.
Shirley
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Answers by Expert:
Shirley McAllister, CPP, PHR
Expertise
I can answer payroll questions, payroll tax questions, 401K questions. No stock option questions please and I have some knowledge of other pensions but am most familiar with the 401K pension. I can answer U.S.and Canada payroll questions proficiently and have a good general knowledge of UK and South Africa and some knowledge of Australia and New Zealand Payroll procedures. Please do not ask me homework questions I do not have time to answer them.
Experience
25 years with an international company in the Human Resources, Payroll and Payroll Tax areas.
Organizations
SHRM, APA, I.O.M.A.
Publications
I.O.M.A. and BNA
Education/Credentials
P.H.R., C.P.P., Canadian Payroll Administrator, Successfully passed APA class on UK Payroll Administration.
Boise State University Human Resource Certification
Awards and Honors
APA Hotline Citation of Merit for last 8 years.
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