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<br />457 Plan Loan Guidelines <br /> <br />Name of Plan: <br /> <br />City of Sunny Isles Beach 457 Plan <br /> <br />I. Purpose <br /> <br />The purpose of these guidelines is to establish the terms and conditions under which the employer will grant <br />loans to participants. This is the only official Loan Program Document of the above named Plan. <br /> <br />II. Eligibility <br /> <br />Loans are available to all active employees. Loans will not be granted to participants who have an existing loan <br />in default. <br /> <br />Loans will be pro-rated among all the funds in which the participant is invested at the time the loan is made. <br /> <br />Loans are available for the following purposes: [select one] <br /> <br />m All purposes <br /> <br />o Loans shall only be granted in the event of a participant's hardship or for the purpose of <br />enabling a participant to meet certain specified financial situations. The employer shall deter- <br />mine, based on all relevant facts and circumstances, that the amount of the loan is not in <br />excess of the amount required to relieve the financial need. For this purpose, financial need <br />shall include, but not be limited to: unreimbursed medical expenses of the participant or <br />members of the participant's immediate family, establishing or substantially rehabilitating the <br />principal residence of the participant, or paying for a college education (including graduate <br />studies) for the participant or his~er dependents. <br /> <br />III. Frequency of loans <br /> <br />[select one] <br /> <br />o Participants may receive one loan per calendar year. Moreover, participants may have only one <br />outstanding loan at a time. <br /> <br />W Participants may receive one loan Iper calendar year. Moreover, no participant may have more <br />than five (5) loans outstanding at one time. <br /> <br />................................................................................................ . <br /> <br />one <br />