MMC Benefits Handbook
Available Loan Amount
The minimum amount you may borrow is $1,000; the most you may borrow, by law, is the lesser of:
- $50,000; or
- 50% of the Vested value of your Plan account (including, for this purpose, the value of fixed Company contributions, Roth 401(k) contributions, Roth catch-up contributions, rollovers of Roth 401(k) contributions and earnings, and in-plan Roth conversion accounts).
If you have an outstanding Plan loan, the 50% maximum will be reduced by your current outstanding loan balance and the $50,000 maximum will be reduced by the amount of your highest outstanding loan balance in the prior 12-month period.
You may have up to two loans outstanding that, in combination, do not exceed the maximum loan amount. If you request a loan amount that exceeds the amount available, your requested amount will be reduced to the maximum amount available as of the processing date.