[June 7, 2002]

Eligible employees of the University of California can now apply for a Tax-Deferred 403(b) Plan Loan online at the At Your Service website.

The 403(b) Loan Plan web application is accessible to employees eligible to apply for a loan (read the Tax-Deferred 403(b) Plan Loan Program brochure) or anyone with an existing loan. Members with a current loan can use the website to review activity on their account, and those eligible for a new loan can apply online.

The new web application allows UC employees to access both kinds of information:

1. Balances and Activity shows current information on loans through the last six months. Active loans will show payroll deduction, refinance, or payment activity, as well as withdrawals or payoffs. This section is modeled on the quarterly Loan Statements and should be familiar to members with loans. Information is updated monthly.
2. 403(b) Plan Loan Online Application provides instructions and guidance for planning your 403(b) loan, and allows to you apply for a loan online. It offers tools to model short-term and long-term loans and to refinance loans; it also assists members with the online process for making the application. Members with pending loan applications or who have a loan with missing payments cannot apply for a loan online. An online Help page is accessible through an icon at the top of each web page.

The Loan Program allows active employees with at least $1,000 in the 403(b) Plan to borrow their funds. Originally, application for a loan was by form only; in 1997, an interactive voice response (IVR) application was introduced. With today's announcement, the web application offers an online alternative to the IVR.

For more information about the loan program, please see the Tax-Deferred 403(b) Plan Loan Program brochure.

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