Established. Any loans granted or renewed shall conform with the requirements of Section 72(p) of the Internal Revenue Code, 26 U.S.C.1 et seq. Such loan program shall be established in writing by the Board of Trustees, and must include, but need not be limited to the following: 1. The identity of the administrator of the Participant Loan Program; 2. A procedure to apply for loans, the amount of loan that will be approved or denied, and limitations, if any, on the types and amount of loans offered; 3. The procedure under the program for determining a reasonable rate of interest; and 4. The events constituting default and the steps that will be taken to preserve plan assets.
Appears in 2 contracts
Sources: Collective Bargaining Agreement, City Employment Terms