| AIG | Horace Mann | MassMutual | Voya | |
|
Eligible Assets |
Pre & Post-tax |
Pre & Post-tax |
Pre & Post-tax |
Rollover, Pretax, Employer |
|
Minimum Participant Account Balance |
$2,000 | $2,000 |
$2,000 |
$2,000 |
|
Minimum Loan Amount |
$1,000 | $1,000 |
$1,000 |
$1,000 |
|
Annual Interest Rate |
Prime Rate +1% | 4.15% |
Prime Rate +2% |
6.0% |
|
Issuance / Processing Fee |
$50 | $0 |
$50 |
$100 |
|
Quarterly / Annual Maintenance Fee |
$30 | $0 |
$12.50/quarter |
$0 |
|
# Loans allowed in rolling 12 months / Calendar yr |
1 outstanding loan at a time |
5 |
1 |
1 General & 1 Residential |
|
Min / Max # of years allowed for a General Purpose Loan |
Min.-1 year Max.-5 years |
Min.-1 year |
Min.-1 year |
Min.-none Max.-5 years (may pay off in >12 mos) |
|
Min / Max # of years allowed for a Residential Purchase Loan |
Min.-1 year Max.-10 years |
Min.-1 year Max.-30 years |
Min.-1 year |
Min.-1 year Max.-20 years (may pay off in >12 mos) |
|
Early Payoff or Default Fees |
$0 | $0 |
$0 |
$0 |
| Cancellation Fee | $0 (If canceled within 14 days after processed) | $0 | $75 | $0 |
|
Can participant take additional loan(s) if they have a defaulted loan? |
No | No |
No |
No |