A Senate bill introduced last week would make it harder for savers to tap into retirement funds, while making it easier for workers to repay loans from retirement accounts after losing a job.
Sens. Herb Kohl, D-Wisc., and Mike Enzi, R-Wyo., members of the Senate Committee on Health, Education, Labor & Pensions (HELP Committee), introduced the Savings Enhancement by Alleviating Leakage in 401(k) Savings Act of 2011, or the SEAL Act.
The legislation aims to protect Americans' retirement savings by providing flexibility to loan repayment hardship tax rules and limiting the most 401(k) loan practices that provide easy access to retirement funds but adds costs and fees to pension plans.
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