Overview of Change
Effective immediately, American Trust Company will no longer require an amortization schedule to be submitted with Loan Applications for Recordkeeping-Only Plans. The loan repayment terms provided on the Loan Application Form will be entered into our recordkeeping system, which will automatically generate the amortization schedule.
Next Steps
Once the loan is processed, the amortization schedule will be:
- Available on our website
- Provided directly by your Client Service Manager
Upon receipt, please ensure the loan payment amount indicated on the amortization schedule is implemented accurately in payroll.
Accessing Loan and Payment Information
Loan and payment details can be accessed via the Plan Sponsor website:
- Navigate to Plan > Loan Summary to view all participants with outstanding loans.
- To view a specific participant’s amortization schedule:
-
- Select EE Search and enter the participant’s name.
- Within the participant’s account, go to Loans & Withdrawals > View Loans.
- Click the Amortization link (blue font) to view the schedule.
Important Reminder
Please ensure that loan payment amounts submitted match the amortization schedule in our system exactly, particularly when multiple loans are permitted. Any discrepancies may result in payments not being applied as scheduled.
Form Update
The current Retirement Plan Loan Application Combo_TPA form will be updated shortly to remove the instruction requiring an amortization schedule.
If you have any questions or need assistance, please contact your Client Service Manager.