Loans
The plan is intended to help you put aside money for your retirement. However, Riverside County has included a plan feature that enables you to access money from your retirement plan.
- The amount the plan can loan to you is limited by rules under the tax law. All loans will be limited to the lesser of: one-half of your vested account balance or $50,000.
- All loans must generally be repaid within five years.
Unpaid loan amounts will be taxed as ordinary income. Other requirements and limits must be met prior to borrowing money from your account. For additional information regarding loans, please see your financial professional.