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S. 1020 (112th): Savings Enhancement by Alleviating Leakage in 401(k)Savings Act of 2011

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

5/18/2011--Introduced. Savings Enhancement by Alleviating Leakage in 401(k) Savings Act of 2011 or the SEAL 401(k) 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, (2) prohibit plans from allowing the use of credit cards or similar arrangements to access loan amounts, and (3) limit to three the number of loans which a plan participant or beneficiary may take at any time.

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.