Announcements

November 1, 2024

New electronic loan service for RecordkeeperDirect plans

We now offer an electronic loan service for new RecordkeeperDirect® retirement plans (startup and conversion plans).

This service will also be available for existing plans in early- to mid-2025. We’ll provide information to plan sponsors in early 2025, including how they can enable this new service for their plan. 

The electronic loan service includes:

  • An online participant loan application process — customized to reflect the loan provisions/options selected by the client — accessible via the participant website and app.
  • Creation of loan documents and participant disclosures, including a loan policy adopted by the plan sponsor, individual loan documentation, amortization schedule, and promissory note.
  • Ability to support personal loans, mortgage loans, and loan refinancing, as applicable.
  • Electronic loan approval by TPAs and plan sponsors.
  • Loan monitoring services, including notification when a loan is at risk of default due to missed payments (available to all RecordkeeperDirect plans with loans).


Please note, the electronic loan service is not available for plans that require spousal consent for retirement plan loans. The service also requires that all loan requests are submitted via the participant website or app; loan requests submitted via a paper/PDF form will not be accepted.

If you have any questions about RecordkeeperDirect loan capabilities, please call us at (800) 421-6019.

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