MMC Benefits Handbook
Maximum Number of Loans
The number of loans that may be outstanding from the Plan at any one time is two loans. You are not eligible to apply for a loan from the Plan if you have an outstanding loan(s) under a defined contribution plan of an acquired company or are eligible to receive loan(s) under a defined contribution plan of an acquired company plan that has not been merged into this Plan.
A loan deemed distributed will be treated as an outstanding loan when determining the number of loans you have outstanding and the amount available for a new loan.