To amend the Internal Revenue Code of 1986 to provide that no loan may be made from a qualified employer plan using revolving credit arrangements and to limit the number of loans that may be made from a qualified employer plan to a participant or beneficiary.
About This Bill
Committee
Latest Action · July 31, 2008
Referred to the House Committee on Ways and Means.
Amends the Internal Revenue Code to: (1) prohibit tax-exempt employer pension or benefit plans from making a loan to any plan beneficiary through a revolving credit arrangement; and (2) limit to three the number of loans a plan can make to a plan participant or beneficiary without tax consequences.
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