The Non-ERISA Loan Application form serves as a key document for individuals with VALIC annuity accounts across all plan types looking to secure a loan. Managed by the Variable Annuity Life Insurance Company (VALIC) in Houston, Texas, this form provides a structured pathway for borrowers to request funds. Clients must provide detailed personal information alongside the terms of their loan request, which stipulates minimum and maximum borrowing amounts, interest rates, and repayment schedules. The form clearly outlines the conditions under which loans may be requested, including specific loan limits and repayment terms that ensure compliance with federal regulations and the specific plan provisions. Besides, it includes sections for mailing instructions, employer vesting determination, plan administrator approval, and, importantly, details about securing the loan. If borrowers have annuity contracts under multiple providers within a 403(b) plan, additional documentation is required. The application process underscores the importance of accuracy and honesty, as misinformation could lead to unintended financial and legal consequences. Furthermore, it highlights specific procedures for cases where the loan affects an IncomeLOCK option, demonstrating the nuanced considerations borrowers and administrators must navigate. This comprehensive form not only facilitates the loan process but also serves as a critical informational resource that guides borrowers through the legal and financial implications of their loan request.
| Question | Answer |
|---|---|
| Form Name | Non Erisa Loan Application |
| Form Length | 5 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 1 min 15 sec |
| Other names | valic non erisa loan application agreement, valic forms, Texas, 2009 |
