MAGE Convenes Meeting with ORS
MAGE convened a meeting with the Office of Retirement Services on August 19th to address the the concerns of MAGE members regarding proposed and pending changes in your 401k plan. The changes would reduce the number of loans that may be taken from your 401k accounts at one time. As of January 1, only one loan would be allowed at one time and that loan would have to be paid off before another could be taken.
We will continue addressing this issue in an attempt to stop it or at minimum have the changes implemented on a graduated basis. You may refer to your MAGE webpage for updates on this issue.
We have also been receiving complaints from rank and file members regarding this issue. If your subordinates complain to you about this issue please direct them to contact their unions.