To amend the Internal Revenue Code of 1986 to extend the rollover period for plan loan offset amounts and to modify the rules relating to hardship withdrawals from cash or deferred arrangements.
Savings Enhancement by Alleviating Leakage in 401(k) Savings Act
This bill amends the Internal Revenue Code, with respect to loans made from a qualified employer plan, to extend the period for repayment of loans if a plan terminates or a plan participant becomes unemployed.
The bill also requires the Department 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.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 269.
Read twice and referred to the Committee on Finance.
Became Public Law No: 115-97.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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