summary
Introduced
05/13/2019
05/13/2019
In Committee
05/13/2019
05/13/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to permit treatment of student loan payments as elective deferrals for purposes of employer matching contributions, and for other purposes. This bill allows certain employer-sponsored retirement plans to make matching contributions for an employee's student loan payments as if the loan payments were salary reduction contributions to the retirement plan.
AI Summary
This bill allows certain employer-sponsored retirement plans to make matching contributions for an employee's student loan payments as if the loan payments were salary reduction contributions to the retirement plan. The bill amends the Internal Revenue Code to permit the treatment of student loan payments as elective deferrals for purposes of employer matching contributions. It also allows for matching contributions on qualified student loan payments in SIMPLE retirement accounts and 403(b) and 457(b) plans, subject to certain requirements. The bill aims to provide parity in retirement benefits for employees who are making student loan payments.
Committee Categories
Budget and Finance
Sponsors (7)
Ron Wyden (D)*,
Sherrod Brown (D),
Maria Cantwell (D),
Ben Cardin (D),
Maggie Hassan (D),
Gary Peters (D),
Sheldon Whitehouse (D),
Last Action
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2790; text: CR S2790) (on 05/13/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/1428/all-info |
| BillText | https://www.congress.gov/116/bills/s1428/BILLS-116s1428is.pdf |
| Bill | https://www.congress.gov/116/bills/s1428/BILLS-116s1428is.pdf.pdf |
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