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Walter is 72 and still works for Green Tool Works. Walter participates in the company...

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Finance

Walter is 72 and still works for Green Tool Works. Walter participates in the company sponsored 401k plan. Does Walter need to start taking required minimum distributions this year?

  • A. Yes, since he is 72.
  • B. No, but he must start by 75.
  • C. No, A participant who is still employed by the plan sponsor may delay the first minimum distribution until April 1 of the year after the participant terminates employment
  • D. Yes, because he works for a private company.

Alex is wanting to hear more about 401k plan loans. He wants high level details of how it works. Which of the following statements about 401k plan loans is NOT true?

  • A. Plan loans must be made available to all participants
  • B. There is no limit to how much one can borrow from a 401k account
  • C. Plan loans must be repaid within a certain time period
  • D. Plan loans must bear a reasonable rate of interest

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