US Congress Senate Bill 1020 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on May 18 2011 - 25% progression, died in committee
Action: 2011-05-18 - Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3108-3109)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

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.

Savings Enhancement by Alleviating Leakage in 401(k)Savings Act of 2011

Sen. Herb Kohl [D-WI]

Sen. Michael Enzi [R-WY]

Date	Chamber	Action
2011-05-18	Senate	Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3108-3109)
2011-05-18	Senate	Sponsor introductory remarks on measure. (CR S3108)

SB1121 (Related) 2011-05-26 - Read twice and referred to the Committee on Finance.
HB3287 (Related) 2011-11-01 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/senate-bill/1020/all-info
Text	https://www.congress.gov/112/bills/s1020/BILLS-112s1020is.pdf