MMC Benefits Handbook
You repay your loan through payroll deductions. Your loan repayments, including principal and interest, are credited directly to your Plan account.
Start of Loan Repayments
Your loan repayments will usually begin in the next available pay period, depending upon when you applied for the loan.
Investment of Repayments
Loan repayments are reinvested in the same manner as your current contributions to the Plan. If you are not currently contributing, your loan repayments are reinvested based on your last contribution investment direction elections.
Crediting Repayments to Accounts
Your loan repayments are credited to your account in the same source proration in which the loan was issued.
Partial Loan Payments
Each payment must be for the full amount due for that payroll period. If a full payment can't be taken from your paycheck, you will be notified and will be required to remit a single certified check, or money order for the balance.
Additional Loan Payments
You cannot make additional payments toward paying off your loan, but you can repay your loan in full at any time.
Paying Off a Loan
You can repay your entire loan balance at any time via Automated Clearing House (ACH) on Transamerica or with a single certified check or money order. When you pay off your loan, you have to wait until the loan payoff has been posted to the account before you can apply for another. Payments received by 4 p.m. Eastern time will be processed the same day. There is no penalty if you repay your entire outstanding loan early.
Loan Pay-off Amount
You must contact the Employee Service Center at +1 866 374 2662 to learn your loan pay-off amount.