S. 1020 · 112th Congress
SEAL 401(k)Savings Act
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
KohlSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Savings Enhancement by Alleviating Leakage in 401(k) Savings Act of 2011 or the SEAL 401(k) Act - Amends the Internal Revenue Code, with respect to loans made from a qualified employer plan, to: (1) extend the period for repayment of loans if a plan terminates or a plan participant becomes unemployed, (2) prohibit plans from allowing the use of credit cards…
What it does: CRS summary · Introduced in Senate · May 18, 2011
Savings Enhancement by Alleviating Leakage in 401(k) Savings Act of 2011 or the SEAL 401(k) Act - Amends the Internal Revenue Code, with respect to loans made from a qualified employer plan, to: (1) extend the period for repayment of loans if a plan terminates or a plan participant becomes unemployed, (2) prohibit plans from allowing the use of credit cards or similar arrangements to access loan amounts, and (3) limit to three the number of loans which a plan participant or beneficiary may take at any time.
Requires the Secretary of the Treasury to modify regulations governing hardship distributions from qualified employer plans to allow participants to make additional contributions to a plan during the six month period following a hardship distribution.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: SEAL 401(k)Savings Act
Also known as: Savings Enhancement by Alleviating Leakage in 401(k)Savings Act of 2011
Latest action (May 18, 2011): Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3108-3109)
Policy area: Taxation · Origin: Senate · Introduced: May 18, 2011
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.