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Read twice and referred to the Committee on Finance.
1/30/2015 • Senate
Summary
Shrinking Emergency Account Losses Act of 2015 or the SEAL Act
Amends the Internal Revenue Code, with respect to loans made from a qualified employer pension 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 pension plans to allow participants to make additional contributions to a plan during the six month period following a hardship distribution.
Introduced in Senate • 1/30/2015
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Sponsor & Cosponsors (2)
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Sponsor
Cosponsors (1)
Bill Journey
Originated in the Senate
Introduced
January 30, 2015
Read twice and referred to the Committee on Finance.
Committee Review
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law