summary
Introduced
04/25/2017
04/25/2017
In Committee
04/25/2017
04/25/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
SEAL Act Shrinking Emergency Account Losses Act of 2017 This bill 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, and (2) prohibit qualified employer plans from making loans using credit cards or any other similar arrangement. 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 Shrinking Emergency Account Losses Act of 2017 or SEAL Act, amends the Internal Revenue Code to extend the repayment period for loans from qualified employer plans if a plan terminates or a plan participant becomes unemployed. It also prohibits qualified employer plans from making loans using credit cards or similar arrangements. Additionally, the bill requires the Treasury Department to modify regulations to allow participants to make additional contributions to a plan during the six-month period following a hardship distribution.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Read twice and referred to the Committee on Finance. (on 04/25/2017)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/senate-bill/940/all-info |
| BillText | https://www.congress.gov/115/bills/s940/BILLS-115s940is.pdf |
| Bill | https://www.congress.gov/115/bills/s940/BILLS-115s940is.pdf.pdf |
Loading...