When an employee takes out a 401k loan, our only option to enter a limit is an annual limit that would need rest each year. Most loans are for 5 years, so a lifetime limit would be very useful to ensure that we don't over withhold 5 years from setting up the deduction.
Angie Sharp
| Company | Arrowhead Contracting Inc |
| Job Title / Role | Assistant Controller |
| I need it... | 6 months |
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There is a work around, make sure the clear employee balance at year end box is not checked for the deduction code you are using, and then the annual limit becomes a lifetime limit because it will not clear at year end.
This would reduce tracking issues for us as well.