1. A. Each loan shall mature and be payable, in full and with interest, within five years from the date such loan is made, unless:

   1. 1. the loan is used to acquire any dwelling unit that within a reasonable time (determined at the time the loan is made) will be used as the principal residence of the participant; or
   2. 2. loan repayments are, at the employer's election, suspended as permitted by IRC §414(u)(4) (with respect to qualified military service).

Authority Note

AUTHORITY NOTE: Promulgated in accordance with R.S. §42:1301-1308 and IRC §457.

Historical Note

HISTORICAL NOTE: Promulgated by the Department of the Treasury, Deferred Compensation Commission, LR 28:1500 (June 2002).