summary
Introduced
04/06/2017
04/06/2017
In Committee
04/06/2017
04/06/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Savings Enhancement by Alleviating Leakage in 401(k) Savings Act This bill amends the Internal Revenue Code, with respect to loans made from a qualified employer plan, to extend the period for repayment of loans if a plan terminates or a plan participant becomes unemployed. The bill also requires the Department 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.
AI Summary
This bill, the Savings Enhancement by Alleviating Leakage in 401(k) Savings Act, amends the Internal Revenue Code to extend the rollover period for plan loan offset amounts and modify the rules governing hardship distributions from qualified employer plans. Specifically, it allows participants to rollover plan loan offset amounts (resulting from plan termination or the participant's severance from employment) within the due date for filing their tax return for the year in which the amount is treated as distributed. Additionally, it requires the Department of the Treasury to remove the prohibition on participants making additional contributions to a plan during the six-month period following a hardship distribution.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Referred to the House Committee on Ways and Means. (on 04/06/2017)
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/115th-congress/house-bill/2030/all-info |
| BillText | https://www.congress.gov/115/bills/hr2030/BILLS-115hr2030ih.pdf |
| Bill | https://www.congress.gov/115/bills/hr2030/BILLS-115hr2030ih.pdf.pdf |
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