S.606 - SEAL Act

A bill to amend the Internal Revenue Code of 1986 to modify the rules relating to loans made from a qualified employer plan, and for other purposes. view all titles (3)

All Bill Titles

  • Official: A bill to amend the Internal Revenue Code of 1986 to modify the rules relating to loans made from a qualified employer plan, and for other purposes. as introduced.
  • Short: SEAL Act as introduced.
  • Short: Shrinking Emergency Account Losses Act of 2013 as introduced.

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Introduced
 
Senate
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House
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President
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03/19/13
 
 
 
 
 
 
 

Official Summary

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 plan

Official Summary

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.

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