Check with your local lenders to make sure they accept 401(k) loans as down payments. Many banks won't make loans to buyers who borrow their down payment. But some lenders make an exception for 401(k) loans because the money comes from your own savings. See similar questions...

If your plan includes a loan provision, and you are still actively employed, then you may apply for a loan from your 401(k) account. The only portion of your balance that is eligible to borrow is your vested balance. In addition, the plan trustee must give their approval for the loan. Please see your plan's Summary Plan Description to determine if your plan has a loan provision. See similar questions...

long as your 401(k) balance is greater than $2,000, you can take up to 50% of your account balance for purposes of a loan (minimum loan amount is $1,000). There is a $75 loan origination fee and the loan is paid back through payroll deductions (the interest charged is prime plus 2%). Participants are also charged a $50 annual loan fee. Loan requests are made through the Great West Life Annuity and generally take about 2-3 weeks to process all the necessary paperwork. See similar questions...

Usually no. Any money that you borrow for college must be paid back to your plan within five years or else you have to pay income taxes on the withdrawal plus the IRS 10% early withdrawal penalty. Money borrowed for freshman year tuition would have to be all paid back in five years, often the year after graduation when parents' assets may still be stretched. See similar questions...

A 401(k) plan is a defined contribution plan that is a cash or deferred arrangement. You can elect to defer receiving a portion of your salary which is instead contributed on your behalf, before taxes, to the 401(k) plan. Sometimes the employer may match your contributions. There are special rules governing the operation of a 401(k) plan. For example, there is a dollar limit on the amount you may elect to defer each year. The dollar limit is $11,000. See similar questions...

Let's start with the IRAs. Under the 1997 Taxpayer Relief Act, certain homeowners can withdraw up to $10,000 penalty free from an individual retirement account (IRA) for a down payment to purchase a principal residence (though you might have to pay income tax on the amount withdrawn). If you have a Roth IRA, however, you must have had the account for five years to make tax-free withdrawals. This $10,000 is a lifetime limit -- and the money must be used within 120 days of the date you receive it. See similar questions...

with your plan administrator for the details and availability of the loan and the repayment provisions. The mortgage lender will need to know the amount owed, repayment term and monthly payment. See similar questions...

an employee, you are eligible to participate in your employer's 401(k) plan once you have attained the minimum required years of age and have completed the required number of hours of service. These requirements are determined by your employer and may be found in your plan's Summary Plan Description. See similar questions...

A 401 (k) plan loan must bear a reasonable rate of interest similar to the prevailing rate of interest charged by a bank or other professional lender making a loan in a similar circumstance. This rate varies, but it becomes fixed at the time your loan is processed and remains fixed until it is paid off. Generally, the interest rate is the Wall Street Journal prime rate plus 1%. All of the interest is credited back to the participant's account balance. See similar questions...

Taking a loan from your 401(k) may have a negative impact on your account, because your money is being taken out of the market. This may cause a loss of investment gains or dividends. Read More See similar questions...

CalSTRS does not offer a program where members can borrow against their retirement account. However, CalSTRS does offer two types of mortgage programs that may meet your needs. The Zero-Down Preferred Program and the 80/17 Program both provide down payment assistance. For more information on the CalSTRS Home Loan Program, visit the Home Loan Program Summary page. See similar questions...

A company may choose to supplement the employee elective contributions and matching contributions with discretionary non-elective contributions based on profitability or employer performance. More frequently, a 401(k) plan containing only elective contributions will be supplemented by discretionary non-elective contributions. The profit sharing element of discretionary non-elective contributions can provide significant performance incentives to participants. See similar questions...

In addition to lowering your taxable income, 401 (k) plans offer convenience, flexibility, compounded savings, and the ability to self direct your investments. See similar questions...

If you elect to receive your statement electronically, you will be notified via email when it is ready, generally about five business days after quarter end. If you elect paper statement, it will be mailed 15 business days after quarter end. See similar questions...

Federal and state income taxes are exempt in a 401(k) plan. City or local taxes may also be exempt. Check with your local tax authorities to verify this information. See similar questions...

If you were still employed at the time of death, your account generally becomes 100% vested and would be distributed according to your beneficiary elections. Please refer to your summary plan description (SPD) for additional information. See similar questions...

If you are married your spouse must be listed as the beneficiary on your account unless they sign a form waiving their right. Because the 401(k) is considered a marital asset your spouse is automatically the beneficiary, if you wish to list somebody other then your spouse as the beneficiary they must waive their right to the benefit. See similar questions...