Archived 401k Loans

[HRatYourService]

Help solve a debate among my peers. A team member paid off their 401k loan and it's been received by Hewitt on Friday. It has not been posted yet. They've told the team member that it takes 48 hours to clear and the loan paid off. 48 hours including weekends or 48 business hours? They also want to start a new loan. Once they apply they can get direct deposit. But how long does it take for the direct deposit?

 

[Hardlinesmaster]

2 business days. Targetpayandbenefits.com has more details about loans & withdrawals.

 

[HRatYourService]

For the pay off to post or the direct deposit?

 

[Hardlinesmaster]

For the pay off to post or the direct deposit?

2 business days for payoff. I was looking my target pay for reference. Sorry for the confusion.