4 MY HR ~ MEFCU
Loan Payments / Loan Suspension /CARES Act
Can I suspend my Retirement Savings Plan Loan Payments while on furlough or layoff?
Yes, you can delay your loan repayments between now and December 31,2020 for up to one year. Call myHR Service Center at (888) 884-6947 to make this request.
HOW TO MAKE ADDITIONAL LOAN PAYMENTS
(If You Are Not Using PTO)
**You are still required to make regular payments on your loan. If you have missed payments a total lump sum of missed payments will be taken**
Step 1-Click on the "Retirement Savings" tab
Step 2-Click on the "Repay by Direct Debit" button
Step 3-Click on "Make a partial Repayment"
(Pay either the weekly amount or biweekly amount. Not more than that or it will go towards your principal.)
MARRIOTT FEDERAL CREDIT UNION
Marriott Credit Union is allowing for deferrals of loans during this time of uncertainty. Please click on the PDF button to the right to download/view the request form!
Your 401K Plan and the CARES Act
How does the CARES Act impact the Retirement Saving Plan?
The CARES Act, signed into law on March 27,2020, includes provisions that provide relief for loans and withdrawals from the Retirement Saving Plan. The law increases the amount available for loans and allows associates to take an early withdrawal. For more details on the CARES act and if you are eligible, please contact the Marriott Service Center at (888) 884-694