Frequently Asked Questions

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If you have questions about what you’re reading, we’ve got you covered. Use our Contact Us form or call:
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How do I payoff my loan?
By logging into your account, you can see your loan payoff amount.  Your Plan Administrator (employer) will have procedures to follow for paying it off.  In most cases you will provide your payoff to your employer who will remit payment to the plan on your behalf.  MVP can also tell you what your loan payoff will be.
If I already have a loan outstanding, may I take another one?
Generally, no.  Most plans that do allow loans only allow 1 at a time.  We can inform you if you qualify for a 2nd loan.  If so, note that the IRS limits the amount of a 2nd loan more than they do the first loan.  We can let you  know what that amount is.
Does my plan allow loans and, if so, do I qualify?
Some plans allow loans.  Your plan's SPD (Summary Plan Description) will let you know if loans are allowed.  Plans that do allow loans generally require that you have a vested balance of at least $2,000 to take the minimum loan amount of $1,000.  The interest rate is generally around the Prime Rate and the term cannot exceed 5 years.  The maximum amount you may borrow is 50% of your vested account balance capped at $50,000.
Do I qualify for a hardship distribution?
The IRS definition of a hardship is to 1) prevent eviction/foreclosure, 2) purchase primary residence, 3) pay outstanding medical bills for you or your dependent, 4) pay outstanding post-secondary education expenses for your or your dependent, 5) pay funeral expenses, 6) pay expenses due to catastrophic loss of a home.
I am still employed. Can I take a distribution from my employer’s plan?
This depends upon the plan's specific requirements.  Some plans allow "in-service" distributions.  Commonly, these are at age 59 1/2 or on account of financial hardship as defined by the IRS?
How do I enroll in my plan or change my deferral amount?
Go to www.mvp401k.com and log in as a Participant.  Unless you change it, your UserID will be your Social Security Number (without dashes).  If you became eligible prior to 1/1/17, your password is the LAST 4-DIGITS OF YOUR SOCIAL SECURITY NUMBER (until you change it); otherwise, your password is your Date of Birth in the format mmddyyyy (until you change it).  After logging in, go to Documents and Forms, and read the Enrollment Instructions provided.
What do I do if I locked myself out of my online account and I did not setup the Secret Q&A?
Email us at mvp@mvp401k.com and we will reset your password.
What investments are available in my plan?
Go to www.mvp401k.com and log in as a Participant.  Unless you change it, your UserID will be your Social Security Number (without dashes).  If you became eligible prior to 1/1/17, your password is the LAST 4-DIGITS OF YOUR SOCIAL SECURITY NUMBER (until you change it); otherwise, your password is your Date of Birth in the format mmddyyyy (until you change it).  After logging in, go to Documents and Forms, and read the Enrollment Instructions provided.
Who do I need to contact to take a loan or distribution?
You may call 1-866-687-6877 x115 to speak with the Distribution Specialist.  You may also email us at distributions@mvp401k.com.
I am no longer employed. Can I take a distribution from the plan?
Generally, yes.  Your plan's requirements are specific, but we can let you know if you qualify for a distribution.
CATEGORY
All Questions Advisors
Employees
Employers
Let's Talk!

If you have questions about what you’re reading, we’ve got you covered. Use our Contact Us form or call:
1-866-687-6877.