Although your plan account is intended for the future, you may borrow from your account for any reason. Generally, the Nazarene 403(b) Retirement Savings Plan allows you to borrow up to 50% of your employee salary reduction source balance. The minimum loan amount is $1000, and a loan must not exceed $50,000. You then pay the money back into your account, plus interest, through automatic funds transfer from your bank account. Any outstanding loan balances over the previous 12 months may reduce the amount you have available to borrow. Be sure you understand the Plan guidelines before you initiate a loan from your plan account.
To learn more about or request a loan, log on to www.fidelity.com/atwork or call the Fidelity Retirement Specialists at 1-866-NAZARENE (629-2736).
See the 403(b) section of our website for more details about the plan.