If your employer is terminating their Guideline 401(k) plan and no longer offering a plan, you will need to confirm how you would like your outstanding loan balance treated before distributing your remaining account balance.
- You can pay off the loan in full and avoid a taxable distribution. Be sure to contact our participant support team to request an exact outstanding balance and follow up once the check is mailed out so we can work to suspend loan payments in payroll.
Check Payable Details: BTC for GDL [Your Guideline Account Number] FBO [Your Name]
Check memo line: Loan repayment
Where to mail the check:
Benefit Trust Company
PO Box 12765
Overland Park KS, 66282
- You can have the total outstanding balance treated as a taxable distribution to you. The amount of your outstanding balance will be reported on a 1099-R as a taxable distribution and may be subject to an early withdrawal tax penalty if you are under the age of 59 ½.