Temporary Expanded Loan Provisions Sample Clauses

Temporary Expanded Loan Provisions. (a) The Plan permits coronavirus-related loans. A loan to a Participant may be treated as a coronavirus-related loan, subject to the requirements of this Section 8.6(a). A coronavirus-related loan is a loan made from the Plan on or after March 27, 2020, and before September 23, 2020, to a qualified individual, as defined in Section 2202(a)(4)(A)(ii) of the CARES Act and Section 1B of Notice 2020-50, which does not exceed the lesser of: (1) $100,000 (minus outstanding Plan loans of the individual), or (2) the individual’s vested benefit under the Plan and other retirement plans maintained by the Employer. Absent actual knowledge to the contrary, the Board may accept the Participant or Beneficiary’s certification that the above-described criteria are satisfied.
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