Use the Loan Reports sub-menu options to monitor loans. The reports appear either on the desktop or in the job queue.
Loan Report: Shows all loan information. This report appears in the job queue.
Outstanding Loan Report: Shows a
detailed list of active loan information as of a given date. This report can be
generated by individual participant or Plan and includes the loan date, amount,
interest rate, number of payments, frequency, and outstanding balance. This
report appears on the desktop.
Loan Repayment Report: Shows a record of
the payments made for this loan. This report appears on the desktop.
Overdue Loan Report: Shows a list of all
participants who are 90 days or more in default on their loans. This report
appears on the desktop.
Converted Loan Balances Report:
This report is usually not used.
Loan Source Report: Shows source level detail for loans in the Plan. The
report will provide Original Loan Balances, Amount Paid, and Remaining Amounts
broken down by source.
Loan Tolerance Report: Shows list of
participants that have loans with balances that fall within the loan tolerance
amount. Based on this information, the TPA can choose to close the loan. He
must then notify Payroll to stop deducting money from the participant's salary.