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.
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.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 670.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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