,i  #aaeth ,,congress  #ast ,session    
,h4 ,r4 #bjcj  ,,in ,,the ,,house ,,of  
,,representatives  ,april #f1 #bjag,mr4 
,sam ,johnson of ,texas 7for himself and
 ,mr4 ,neal7 introduced the following   
bill2 which was referred to the         
,committee on ,ways and ,means  ,a      
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to extend the rollover  
period for plan loan offset amounts and 
to modify the rules relating to hardship
 withdrawals from cash or deferred      
arrangements4  #a4 ,short title ,this   
,act may be cited as the ,savings       
,enhancement by ,alleviating ,leakage in
 #dja7k7 ,savings ,act4  #b4 ,extended  
rollover period for plan loan offset    
amounts  7a7 ,in general ,paragraph 7#c7
 of section #djb7;c7 of the ,internal   
,revenue ,code of #aihf is amended by   
redesignating subparagraph 7,b7 as      
subparagraph 7,c7 and by inserting after
 subparagraph 7,a7 the following new    
subparagraph3  7,b7 ,rollover of certain
 plan loan offset amounts  7i7 ,in      

general ,in the case of an eligible     
rollover distribution of a qualified    
plan loan offset amount1 the            
requirements of subparagraph 7,a7 shall 
be treated as met if such transfer      
occurs on or before the due date        
7including extensions7 for filing the   
return of tax for the taxable year in   
which such amount is treated as         
distributed from a qualified employer   
plan4  7ii7 ,qualified plan loan offset 
amount ,for purposes of this            
subparagraph1 the term qualified plan   
loan offset amount means a plan loan    
offset amount which is treated as       
distributed from a qualified employer   
plan to a participant or beneficiary    
solely by reason of--  7,i7 the         
termination of the qualified employer   
plan1 or  7,,ii7 the failure to meet the
 repayment terms of the loan from such  
plan because of the severance from      
employment of the participant4  7iii7   
,plan loan offset amount ,for purposes  
of clause 7ii71 the term plan loan      

offset amount means the amount by which 
the participant's accrued benefit under 
the plan is reduced in order to repay a 
loan from the plan4  7iv7 ,limitation   
,this subparagraph shall not apply to   
any plan loan offset amount unless such 
plan loan offset amount relates to a    
loan to which section #gb7p77#a7 does   
not apply by reason of section          
#gb7p77#b74  7v7 ,qualified employer    
plan ,for purposes of this subsection1  
the term qualified employer plan has the
 meaning given such term by section     
#gb7p77#d74  4  7b7 ,conforming         
amendment ,subparagraph 7,a7 of section 
#djb7;c77#c7 of the ,internal ,revenue  
,code of #aihf is amended by striking   
subparagraph 7,b7 and inserting         
subparagraphs 7,b7 and 7,c74  7c7       
,effective date ,the amendments made by 
this section shall apply to transfers   
made after ,december #ca1 #bjag4  #c4   
,modification of rules governing        
hardship distributions ,not later than  
#a year after the date of the enactment 

of this ,act1 the ,secretary of the     
,treasury shall modify ,treasury        
,regulation section                     
#a4dja7k7-#a7;d77#c77;iv77,e7 to--  7#a7
 delete the prohibition imposed by      
paragraph 7#b7 thereof2 and  7#b7 to    
make any other modifications necessary  
to carry out the purposes of section    
#dja7k77#b77;,b77i77,,iv7 of the        
,internal ,revenue ,code of #aihf4