The IRS has set limits as to how much you may borrow from your account.
|Your Account Balance||Loan Maximum|
|$0 to $1,999||Not Allowed|
|$2,000 to $100,000||50% of Account Balance|
The $50,000 maximum loan amount is reduced by the highest loan balance during the past 12 months in any and all tax-deferred retirement plans. If you have or have had loans in other 401(k), 457, or 403(b) plans during the prior 12 months, the highest outstanding loan balances in those plans reduce the maximum balance available with URS. Because URS may not have a record of your other tax-deferred plans, it’s your responsibility to account for these types of loans when requesting an additional loan.
For those in the Tier 2 Hybrid Retirement System or the Tier 2 Defined Contribution Plan, any Tier 2 employer required contributions are restricted from being used for a loan. However, Tier 2 vested employer required contributions can be used to determine the amount available for a loan.
Call our office at 801-366-7720 or at 800-688-4015 and we can help you determine your eligible loan amount.
You must repay the loan within a maximum of five years unless you are borrowing the money for the purchase of a primary residence, in which case you are allowed up to 10 years.
If the loan is for the purchase of a primary residence and you want the payments to exceed five years, supporting documentation may be required (e.g., a copy of the good faith estimate from the lender).