Question 2.2. Claudias vested Section 401(k) plan balance is $60,000. She wants to know her options for taking a loan from her plan to pay some college expenses for her daughter, Caroline. Which of the following statements is(are) CORRECT? 1 Claudia may borrow up to $30,000 from her Section 401(k) plan to pay for Carolines college expenses. 2 A plan loan is generally limited to onehalf of the vested account balance of the plan participant, not to exceed $50,000. 3 All loan repayments for any loan must be in level installments payable at least quarterly. 4 If the rules for a plan loan are not followed, a plan loan may be deemed a taxable plan distribution and may also be subject to the 10% early withdrawal penalty. (Points : 3) | 1, 2, 3 and 4 1 and 4 1 and 2 2 and 3 |