Labor Department Seeks Comments on Plan-Loan Paperwork
Published Date: 7/1/2026
Notice
Summary
The Department of Labor is asking for public feedback on rules about loans from retirement plans to people involved with those plans, like participants or beneficiaries. These loans must follow fair rules to keep things safe and equal for everyone. Comments are open until July 31, 2026, so plan managers and participants should pay attention to any changes that might affect how loans work or cost.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Fair rules for retirement plan loans
If you borrow from an employer retirement plan as a participant or beneficiary, loans must be made on a reasonably equivalent basis to all participants, cannot let highly compensated employees get larger loans than others, must follow the plan's written provisions, must bear a reasonable interest rate, and must be adequately secured. The Department's regulation (29 CFR 2550.408b-1(d)) also requires plan documents to include eight specific provisions such as who may authorize the program, the loan application procedure, limits on loan amounts, how a reasonable interest rate is set, allowable collateral, and events that count as default.
Paperwork and review burden for private plans
The Department says the affected public is the private sector and estimates 2,702 respondents and 2,702 total annual responses, with a total estimated annual time burden of 8,106 hours and $0 in other annual costs. The information collection has OMB Control Number 1210-0076, DOL seeks authorization for three (3) years, and OMB will consider written comments received on or before July 31, 2026.
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