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Retirement board updates SFDCP loan policy, approves changes to ease access to funds
Summary
The San Francisco Retirement Board approved amendments to the San Francisco Deferred Compensation Plan (SFDCP) loan policy to make loans more accessible and reduce reliance on hardship withdrawals; board also heard the monthly SFDCP report showing record participant counts and strong plan balances.
The San Francisco Retirement Board on June 30 approved changes to the San Francisco Deferred Compensation Plan loan policy intended to make loans more accessible for participants and reduce the frequency of unrecoverable hardship withdrawals.
The board voted unanimously to adopt staff recommendations on the loan-policy amendments after a presentation by Diane Chewy Justin, who leads the San Francisco Deferred Compensation Plan. “The loan policy applies to the accounts that are held with the SFDCP. So whether it’s Roth money or non-Roth money, currently only non-Roth money is eligible for a loan,” Chewy Justin said, clarifying eligibility for participants.
The change removes or shortens a previous 12-month waiting period…
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