Benefits Handbook

You repay your loan through payroll deductions. Your loan repayments, including principal and interest, are credited directly to your Plan account.

Your loan repayments will usually begin in the next available pay period, depending upon when you applied for the loan.

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.

Your loan repayments are credited to your account in the same source proration in which the loan was issued.

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 certified check, or money order for the balance.

You cannot make additional payments toward paying off your loan, but you can repay your loan in full at any time.

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.

You must contact HR Services at +1 866 374 2662 to learn your loan pay-off amount.