New Loan Payment Provision

for the 401(k)

Saving for retirement is one of the most important life decisions you’ll make. It has a direct effect on ensuring you have enough money to enjoy a comfortable standard of living when you stop or reduce the hours you want to work. With this in mind, Pearson is modifying the existing loan policy in the 401(k) Plan to allow more flexibility in paying back loans should you leave Pearson. Effective June 1, 2020, employees with an outstanding loan balance who terminate employment with Pearson will be able to continue to repay their outstanding loan in monthly installments rather than risk defaulting on the loan. If you have an outstanding loan from the 401(k) Plan upon termination, Empower will automatically re-amortize your loan to allow for monthly repayment of your balance. You will receive a loan re-amortization confirmation, which includes repayment instructions.
Please contact Empower at 1-844-465-4455 if you have any questions.