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Date:
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12/19/2008
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Headline:
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Loan Rate Change Effective December 22, 2008
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News:
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Effective December 22, 2008, the loan interest rate will decrease from 4.00% to 3.25%. Eligible employees who are interested in pursuing a loan from their Defined Contribution retirement account may do so by contacting InvesTrust/OK Data Services at (405) 848-0258. Employees are eligible for up to 5 loans and may borrow up to 50% of their vested account balance, not to exceed a cumulative loan value of $50,000 in any 12-month period.The minimum loan amount is $1,000. Borrowers are responsible for paying a Loan Application Fee of $75.00 for each loan and a Loan Service Fees of $25.00 per year for each loan. The loan application form is available at http://countyclerk.oklahomacounty.org.The form may also be found on the InvesTrust website at www.Investrust.com. Please note: In order for your loan application to be processed correctly, you must submit a current form reflecting the current loan rate. * In keeping with the rules of the Oklahoma County Defined Contribution Plan, the rate charged for loans must be equal to the big city prime rate. InvesTrust is the record keeper and investment service provider for our Defined Contribution retirement plan.
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