What does it mean if your rate of return on your 401K is at: [ - 8%]?

Question

What if you were to close out your Account at that rate?

If you're still paying back a Loan that your took out from your 401K, can you still close out your Account?

Answer 1

It means that you LOST 8 % of your account value during the time period of the report.

If you want to close out a 401K account ( something I DO NOT recommend ),  you will have to repay all loans taken out on it, plus interest.

I strongly suggest you do not close out the account.  If you are really scared of losing any more money, move the funds from stocks to a Money Market Account within the 401K.  If you can hang tight, do so.

Answer 2

It means you had a negative return for that period.  

See www.401k.org for info on 401(k)

loans.