0The Partnership makes loans available to those general partners and, in limited circumstances, subordinated limited partners (in each case, other than members of the Executive Committee) who require financing for some or all of their Partnership capital contributions. In limited circumstances a general partner may withdraw from the Partnership and become a subordinated limited partner while he or she still has an outstanding Partnership loan. It is anticipated that, of the future general and subordinated limited partnership capital contributions (in each case, other than for Executive Committee members) requiring financing, the majority will be financed through Partnership loans. Loans made by the Partnership to such partners are generally for a period of one year but are expected to be renewed and bear interest at the interest rate defined in the loan documents. The Partnership recognizes interest income for the interest earned related to these loans. The outstanding amount of Partnership loans is reflected as a reduction to total Partnership capital. As of December 31, 2020 and 2019, the outstanding amount of Partnership loans was $341 and $360, respectively. Interest income earned from these loans, which is included in interest and dividends in the Consolidated Statements of Income, was $14, $21 and $17 for the years ended December 31, 2020, 2019, and 2018, respectively.

The following table shows the roll forward of outstanding Partnership loans for the years ended December 31, 2020 and 2019:

	2020			2019
Partnership loans outstanding at beginning of year	$	360		$	332
Partnership loans issued during the year		163			164
Repayment of Partnership loans during the year		(182	)		(136	)
Total Partnership loans outstanding	$	341		$	360

The minimum 7.5% annual return on the face amount of limited partnership capital was $93, $94 and $67 for the years ended December 31, 2020, 2019 and 2018, respectively. These amounts are included as a component of interest expense in the Consolidated Statements of Income.

The Partnership filed a Registration Statement on Form S-8 with the SEC on January 12, 2018, to register $450 of Interests issuable pursuant to the Partnership's 2018 Employee Limited Partnership Interest Purchase Plan (the "2018 Plan"). The Partnership issued approximately $380, $1 and $3 million of Interests under the 2018 Plan in early 2019, 2020, and 2021, respectively. The remaining $66 of Interests may be issued under the Plan at the discretion of the Managing Partner in the future.