The Contractors Plan
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The Contractors Plan Loan Program® Plan Participant FAQ

Q: How do I request a loan check from the plan?
A: To request a loan check, call Customer Service at (888)272-7526 (Monday through Friday, 7:00am 7:00pm CT).

Q: How much does it cost to borrow from the plan?
A: In addition to interest on your loan, there are administrative loan fees. You should carefully consider the cost of these fees before borrowing from the plan. For complete information regarding loan fees, please click here to access the Loan Fees and Other Disclosure information.

Q: What interest rate will be charged on The Contractors Plan Loan Program loans?
A: The Annual Percentage Rate (APR) for each of your loans is set at the time the money is borrowed from the plan, which may change monthly. The APR in effect at the time your Line of Credit is established will be provided to you at the time you apply. As described in the Loan Fees and Other Disclosure document, the APR is based on the prime rate plus a service fee. The prime rate means the highest prime rate published in the Money Rates section of the Wall Street Journal on the last business day of each calendar month. This amount is used for the following month. When the APR changes, it will apply only to new loans taken when the new rate is in effect. Any changes will be effective on the first day of the next billing cycle, but only as new loans are taken.

Q: How will I be notified of my loan account status?
A: You will receive a monthly statement showing your loan transactions during the previous month. The statement also includes the minimum amount that is currently payable as well as any interest and fees charged to your account. In addition, you may check your account status and statements at any time by clicking here.

Q: How do I increase my Line of Credit?
A. Please log on to your plan website to determine your eligibility and request a loan line increase.

Q: How do I decrease my Line of Credit?
A. Call Customer Service at (888)272-7526 (Monday through Friday, 7:00am 7:00pm CT). In order to process your request, your outstanding balance must be less than the reduced loan limit you are requesting. You will receive a confirmation that your loan line has been decreased once the request has been processed.

Q: What is my minimum monthly payment and how is it calculated?
A. Your minimum monthly payment due will be determined by how much you borrow and when. Each monthly billing cycle, we calculate a separate payment amount for each separate loan created during the month. The separate payment amount remains the same for the duration of that loan, and is based on the amortization of the loan over the repayment period (the Term). The Term, which is the same for every loan you take, begins on the last day of the monthly billing cycle during which the separate loan was created, and may not exceed 60 months.

To determine the total minimum payment due each month, we add together each separate payment amount for each of your outstanding loans, plus any amount past due, any amount in excess of your available loan line, and any other charges or fees incurred, and round it up to the nearest whole dollar. If this amount is less than $10, your minimum payment due will be the entire "New Balance" that appears on your monthly billing statement.

Q: How are my repayments allocated to my retirement plan account?
A. The prime rate portion of your interest payments is transferred back to your other plan investments monthly. The principal is returned to your loan line money market or stable value account. All repayments, less fees, are paid back to you through your retirement plan account.

Q: What is my loan payment due date?
A. The due date is twenty-five (25) days after the closing date shown on the monthly billing statement.

Q: Can I change my due date?
A. You may not adjust or change the due date that is shown on your monthly statement.

Q: Do I have a grace period?
A. There is no grace period for your retirment plan loan account. Finance charges are assessed from the date a transaction is posted to your account for as long as a balance remains outstanding.

Q: Can I make a payment over the phone or online?
A. We are currently unable to accept payments via the phone or online, but we will notify you when this service is available.

Q: Can I add an additional accountholder?
A. No. Since your Line of Credit was established using funds from your retirement plan, only you are permitted to access your loan account.

Q: How do I change my address?
A. You can change your address by visiting your plan participant web site.

Q: Can I close my loan account? If so, will I be assessed any penalties?
A. You may close your account at any time through your plan website. If you close your account, no additional loans may be taken from it and you must continue making payments until your loan balance is completely repaid. If you fail to repay the entire outstanding balance, the IRS requires that the outstanding balance be reported as a distribution that will be subject to income taxation and possibly premature distribution tax penalties. The retirement plan does NOT charge any penalties for closing your loan account.

Q: After I terminate my loan account, what happens to the remaining loan line that has not been used?
A: Once you terminate your loan account, unused loan line funds will be transferred back to your other plan investments.

Q: What happens to my loan account if I lose my job or change my employer?
A. You will be able to continue to access and/or repay your account after you terminate your employment.

Q: How can I obtain disclosure information regarding my loan account?
A. You can view and print the Participant Loan Agreement by clicking here. You may view and print the Loan Fee and Other Disclosures agreement by clicking here.

Q: What if I can't view and print the forms available on this site?
A: The forms on this site were created with Adobe Acrobat and saved as PDF files to preserve their format. If you haven't already done so, you'll need to download and install the free Adobe Acrobat Reader from the website. Click here and follow the instructions on how to install.

Participant Log-in

Click here to log-in to access participant information

The Contractors Plan offers 24/7 automated phone and online access for your convenience

Need help?

Contact customer service at or (888)272-7526 (7:00am to 7:00pm CT M-F).