I'm no finance expert but the move to "Lendable" funds sounds a bit scary to me. Seems that means the institution can now lend the huge amount of 401k investments in these funds, which you'd think could increase risk. I don't want my retirement savings going to this green/esg crap.
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It could be that you can now actually take a loan out from yourself and pay your 401K back with interest to yourself. I had this happen back in 2010 with a company I used to work for. You could only borrow up to 50% of the 401k balance I belive but that could have changed. If the institution keeping your 401k is actually going to lend YOUR money out, this seems highly illegal. If this is the case, you might discuss this with an attorney.
Yeah, while it could mean that I'm guessing it doesn't, but that's just a guess. I found this, which isn't really helpful:
https://www.nasdaq.com/glossary/l/lendable-funds