Appendix F, Schedule 5 Plan Loan Failures (Qualified Plans And 403(B) Plans) Page 4
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7Plan Name:_____________________________
EIN:
Plan #:
Prior loan payments were made in accordance with an amortization schedule that complied with the
requirements of § 72(p)(2)(B) relating to the terms of the loan and § 72(p)(2)(C) relating to frequency, and
level loan payments. For the purpose of determining the excess loan amount and the remaining outstanding
amount of the loan to be repaid over the remaining period of the loan, the previously made loan payments
will be applied as follows (check box that applies)
1. Solely to reduce the portion of the loan that did not exceed the maximum loan amount under §
72(p)(2)(A) of the Code. Result: The corrective repayment would equal the excess loan amount
plus interest thereon.
2. To reduce the excess loan amount to the extent of the interest thereon, with the remainder of the
repayments applied to reduce the portion of the loan that did not exceed the maximum loan
amount under § 72(p)(2)(A). Result: The corrective repayment would equal the excess loan
amount.
3. Pro rata against the excess loan amount and the maximum loan amount under § 72(p)(2)(A).
Result: The corrective repayment would equal the outstanding balance remaining on the excess
loan amount on the date that corrective repayment is made.
Prior loan payments were not made in accordance with an amortization schedule that complied with the
requirements of §72(p)(2)(B) or (C):
Methodology for determining the excess loan amount that will be repaid and the remaining outstanding
balance of the loan that will be amortized over the remaining period of the loan:
After the corrective repayment is made:
(Check one of the two options listed below)
.
Option 1:
The remaining loan balance will be repaid according to the original amortization
schedule. (This option is available only if the original amortization schedule would result
in the loan being paid within the maximum period permitted under §72(p)(2)(B)
determined from the original date of the loan.)
Option 2:
The loan will be reformed to amortize the remaining principal balance as of the date of
repayment over the remaining period of the original loan, provided that the recalculated
payments over the remaining period comply with the requirements of § 72(p)(2)(B)
determined from the original date of the loan.
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