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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If this is on your personal 401k account statement, it means that you can borrow from it. Usually it's better than other sources of credit, if you need to get cash.
Most 401k plans have money that isn't "vested" to you, in that the company contributions accrue to you in percentages according to how long you've been there. It shows up in your account, but the company takes it back if you leave the company early. But after enough time they can't take it back anymore and then it becomes fully vested, i.e., it's yours. And if they have a loan provision, that means it's lendable.
That's the most likely explanation, and it's a good thing for you.