Also known as The Truth-in-Lending Act, is a regulation that applies to qualified plans that regularly extends qualified plan loans more than 25 times (or more than 5 times for transactions secured by a dwelling) in the preceding calendar year. The Truth-in-Lending Act requires the participant to be provided with information that includes , the terms of the loan such as rate of interest, repayment period and finance charges; so that the participant will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit. Referring Cite 12 CFR 226; 15 U.S.C. §1601 et seq Additional Helpful Information For this purpose, Dwelling means a residential structure that contains 1 to 4 units, whether or not that structure is attached to real property. The term includes an individual condominium unit, cooperative unit, mobile home. The Truth-in-Lending Act also applies to consumer credit that is not qualified plan loans Related Articles Tutorial or Other Content Spending Phase Annuitization Phase
Saver’s Credit
Definition Also known as the Saver’s Tax Credit: Nonrefundable tax credit available to eligible individuals who make contributions to their retirement account. The saver’s credit
