S. 606
SEAL Act
Read twice and referred to the Committee on Finance.
Sponsor
Sen. Nelson, Bill [D-FL]
Bill Details
- Update Date
- Nov 15, 2019
- Origin Chamber
- Senate
- Bill Type
- S
- Bill Number
- 606
- Congress
- 113
- Introduced Date
- Mar 19, 2013
- Policy Area
- Taxation
- Is Law
- No
Read twice and referred to the Committee on Finance.
Source: Senate
Introduced in Senate
Source: Library of Congress
Shrinking Emergency Account Losses Act of 2013 or the SEAL 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, and (2) prohibit plans from allowing the use of credit cards or similar arrangements to access loan amounts.
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.
Finance Committee
Introduced in Senate
Mar 19, 2013