Under Construction

Loan Processing

• Loans are submitted via web request (either entered by a CSR or the participant themselves) on MyPlanConnection or seldomly, via a paper application.
• For paper applications (received through the mail or as a secure upload on MyPlanConnection), the application will be entered by a team member into MyPlanConnection on the Sponsor access side according to the elections made by the participant (loan request amount, number of payments).
• Once the loan is submitted, the participant will receive a Promissory Note & Irrevocable Pledge agreement via automated email. They must sign these forms with a wet, handwritten signature or via DocuSign if they are unable to print out the documents.
• In the event that a loan is for hardship reasons only, please note that the Promissory Note/Irrevocable Pledge is only sent to participants once their hardship documentation is deemed  to be in good order and if applicable, approved by the plan sponsor/TPA.
• Once all necessary documentation is received, the loan will proceed to the next stages and be sent on a trade report for DMC to finalize the loan disbursement.
• The average processing time for loans is 10-15 business days.