S.3278 - A bill to amend the Internal Revenue Code of 1986 to provide that no loan may be made from a qualified employer plan using a credit card or other intermediary 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: A bill to amend the Internal Revenue Code of 1986 to provide that no loan may be made from a qualified employer plan using a credit card or other intermediary 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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Introduced
 
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President
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07/16/08
 
 
 
 
 
 
 

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Official Summary

7/17/2008--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 the use of a credit card or other intermediary; and (2) limit to three the number of loans a plan can make to a plan parti
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Official Summary

7/17/2008--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 the use of a credit card or other intermediary; 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

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04/28/10
S.3278: Meth Project Prevention Campaign Grant Program Act of 2010 ...

Y.) as lead sponsor, the Innovative Design Protection and Piracy Prevention Act (S.3278) was introduced last August. Design protection bills have been introduced routinely since the 1970s. Yet only in recent years has the cause gained . ... OpenCongress is

Source: opencongress.org
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09/29/08
Tapping Nest Eggs

chair of the Senate Special Committee on Aging, held hearings on a bill (S. 3278) that would restrict such borrowing. But PSCA’s Ray cautions that trapping funds in 401(k) plans could backfire. “If people think the money is going to be ...

Source: Treasury and Risk
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09/16/08
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 customers’ 401(k) accounts. They say financial companies like Reserve are seeking to capitalize on tightened ...

Source: AFL-CIO NOW BLOG
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