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The Annuity Plan allows you to borrow money from your Annuity account under some circumstances. If you wish to take a loan and it is your 1st or 2nd loan, you will need to log into your account at Empower's website. Click the “My Account” tab at the top of the screen, and then the “Loans” link under the Account Features menu. You may also call Empower for assistance at (800)743-5274.  If it is your 3rd loan, please use the loan forms provided on this web site, and submit them to the Fund Office for processing.

Loan Types

There are two types of loans offered:

  • Personal Loans, with a term of less than five years, and
  • Home loans for the purchase of a primary residence, with a term between 5 and 30 years.

Loan Limitations

  • The minimum loan is $1,000.
  • The maximum loan is $50,000 (reduced by the highest amount owed on any outstanding Plan loans over the preceding 12 months) or, if less, a loan amount which would bring your total outstanding loans to a maximum of 50% of the value of your Annuity account.
  • No more than three loans may be outstanding at any time.  You may not take a third loan if you have defaulted on either your 1st or 2nd loan.
  • You may refinance any of your loans for the purpose of reducing the interest rate you are paying on a loan.. You may not refinance the amount or term of an existing loan.
  • If you are married, you must receive your spouse’s written consent to take a loan.

Loan Repayment

  • Loans are repaid through direct deductions from your bank account.
  • Interest is charged at the prime rate quoted in the Wall Street Journal on the date your loan application or refinancing is processed.
  • Loans may be prepaid in full at any time without penalty.

Defaulted Loans

A loan is “in default” when:

  • a payment is missed, or
  • after taking a distribution, the account balance is less than the total balance of all outstanding loans.

If you default on a loan, the total balance is subject to Federal income tax. In this case, you will receive a Form 1099-R the following January reporting the amount of the taxable income. If you are under age 59 1/2, you will also have to pay a 10% excise tax.

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