SEAL Act

Summary

Shrinking Emergency Account Losses Act of 2017 or the SEAL Act This bill 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 qualified employer plans from making loans using credit cards or any other similar arrangement. 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.

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Timeline

1. 25 April 2017

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 25 April 2017

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 25 April 2017 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 25 April 2017

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 25 April 2017

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 25 April 2017

  Open at official source

Sponsors

• Sen. Enzi, Michael B. [R-WY] · R · Sponsor
• Rep. Nelson, Bill [D-FL-11] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → Savings Enhancement by Alleviating Leakage in 401(k) Savings Act
• related to ← SEAL Act