MMC Benefits Handbook
Loan Repayment Summary
The repayment terms for paying a loan from your MMA 401(k) Savings & Investment Plan account are listed below.
- Loan repayments, including principal and interest, begin on the next available payroll period depending upon when you applied for the loan.
- You repay your loan through payroll deductions. Your loan repayments, including principal and interest, are credited directly to your Plan account.
- If you are on an unpaid leave of absence, on long term disability, or transfer to a non-participating company, you must repay the loan during the period of your absence or with a non-participating company with a certified check or money order or via direct debit from a checking or savings account. (Special rules may apply if you go on military leave). Once you are on an unpaid leave of absence on Long Term Disability or transfer to a non-participating Company, you will receive a loan coupon book for the life of the loan. You will need to submit a repayment each month along with the loan coupon. However, you can sign up on Transamerica's website for repayments to be made via Automated Clearing House (ACH).
- You can repay your entire outstanding loan balance in full without penalty at any time via Automated Clearing House (ACH) or with a single certified check or money order.
- You cannot make partial payments toward paying off your loan.
- If you terminate employment with the Company and all affiliated employers, you must repay the outstanding loan balance by single certified check or money order within 90 days of your termination date to avoid a loan default.
To view your loan payments, go to Colleague Connect (https://mmcglobal.sharepoint.com/sites/Home). Select Pay & Benefits, and click My Pay & Benefits, select Transamerica under Savings & Financial Planning.