The BPAS Advantage

BPAS MyPlanLoan (MPL) solves the complexities employers face in offering retirement plan loans. With MPL, we collect loan repayments directly from plan participants so your HR/payroll departments enjoy worry-free loan administration.

Rather than having employees choose between repaying the entire loan or defaulting on it, simply transfer the balance to MPL for continued repayment. The MPL team serves as your back-office loan administrator, which makes life much easier.

Key Features

  • Existing loans are easily converted to MPL
  • Reduces the burden of loan administration on HR/payroll departments
  • Allows for terminated participants to continue to enjoy borrowing/repayment privileges after they leave your employment
  • Simple and affordable transaction fees
  • Compliance audit support for peace of mind

Designed For

MyPlanLoan is especially well-suited for clients that struggle with administering retirement plan loans. It’s also a great option for employers wishing to encourage terminated employees to retain the retirement savings set aside for their future.

More than 80% of participants that terminate employment with an outstanding loan ultimately default on the loan. We can help fix that.

Download the MyPlanLoan Informational Brochure to Learn More
Download (PDF)

Next Steps

Interested in offering MyPlanLoan for your plan?

Visit: www.myplanloan.com for more information and to get started.

BPAS Clients: Just contact your dedicated Plan Consultant to put MPL to work for you!