U.S. Congress - H.R.6708 To amend the Internal Revenue Code of 1986 to provide that no loan may be made from a q...
H.R.6708 - To amend the Internal Revenue Code of 1986 to provide that no loan may be made from a qualified employer plan using revolving credit arrangements and to limit the number of loans that may be made from a qualified employer plan to a participant or beneficiary.
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- Official: To amend the Internal Revenue Code of 1986 to provide that no loan may be made from a qualified employer plan using revolving credit arrangements and to limit the number of loans that may be made from a qualified employer plan to a participant or beneficiary. as introduced.
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Official Summary
7/31/2008--Introduced.Amends the Internal Revenue Code to: (1) prohibit tax-exempt employer pension or benefit plans from making a loan to any plan beneficiary through a revolving credit arrangement; and (2) limit to three the number of loans a plan can make to a plan participant or benefiOfficial Summary
7/31/2008--Introduced.Amends the Internal Revenue Code to:
(1) prohibit tax-exempt employer pension or benefit plans from making a loan to any plan beneficiary through a revolving credit arrangement; and
(2) limit to three the number of loans a plan can make to a plan participant or beneficiary without tax consequences.
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Recent Blog Coverage
AFL-CIO NOW BLOG | 401(k) Debit Cards: Economic Poison
Bill Foster (D-Ill.) introduced legislation (S. 3278 and H.R. 6708) barring companies from offering debit cards that raid customersâ 401(k) accounts. They say financial companies like Reserve are seeking to capitalize on tightened ...
House Bill Joins Effort Against 401(k) Loans
Sponsored by Rep. Bill Foster, D-Ill., HR 6708 joins S 3278 in aiming to stop investors from depleting their retirement funds through the use of credit or debit cards . . . ." (authored by Investment News; free registration required)
BPP401k.com Newsletter August 13
401k Plan Debit Card Bill - HR 6708 - Summary: To amend the Internal Revenue Code of 1986 to provide that no loan may be made from a qualified employer plan using revolving credit arrangements and to limit the number of loans that may ...
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