In addition to the governing rules under ERISA and the Internal Revenue Code, participant loans provided by retirement plans have long been subject to certain consumer credit rules primarily intended for very different credit arrangements. Just as plans are being relieved of compliance with one such set of rules, however, a new set of requirements may possibly become applicable. More from www.sutherland.com
Annual Benefit Limit
Definition The annual benefit limit for defined benefit plans is the lesser of: A) 100% of the participant’s average compensation for his or her highest