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System Supports Nonprofit Plan Loan Programs

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401kLoans L.L.C. has released a tool for administrators of 403(b) retirement plans.

Administrators of nonprofit plans can use the tool, the 403bLoans service, to make and document loans to participants, according to 401kLoans, St. Cloud, Minn.

The service includes compliance documents, an Internet-based application and approval process, and a feature than can automate the process of sending required notices to borrowers, 401kLoans says.