Letter instructs the fund to transfer a specific dollar amount from each fund to the cash account of the participant. Letter instructs Fund to distribute the specific dollar amount from the cash fund based on the loan amount. Letter instructs the Fund to make the check payable to the plan trustee address of record. Plan trustee distributes letter of instruction to applicable parties. Amortization schedule 9.
Plan sponsor initiates and monitors loan payments.
Hardship Distribution 1. TPA confirms share and dollar position for the Participant through The Phoenix System. TPA calculates maximum hardship proceeds available to the participant under current law. TPA determines which participant money sources the hardship will affect and in what ratio. Hardship Distribution Letter to Fund is prepared.