The short answer is "no." Unlike 401(k) plans and other types of employer-sponsored retirement accounts, there is no provision for taking a loan from an IRA. However, employees are allowed to withdraw funds whenever necessary (IRS imposed 10% penalty may apply).
Articles in this section
- What is Icon?
- What is an IRA?
- What is a Traditional IRA?
- What is a Payroll Deduct IRA?
- What type of IRA does Icon offer?
- What are the advantages of Icon?
- What are the fees with Icon?
- Who is eligible to join Icon?
- Is my company qualified to offer Icon?
- Is there a minimum number of employees needed to setup Icon?