H.R. 3287 · 112th Congress
Savings Enhancement by Alleviating Leakage in 401(k) Savings Act of 2011
- Stage
- In committee
- Sponsor
- Sam Johnson
- Introduced
- 2011-11-01
- Latest action
- 2011-11-01 · Introduced in House
Summary
Savings Enhancement by Alleviating Leakage in 401(k) Savings Act of 2011 or the SEAL 401(k) Savings Act - 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.
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.