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U.S. Master Employee Benefits Guide, 2013 Edition
The ideal reference for HR personnel, benefits professionals, benefits attorneys, payroll managers, or anyone involved in the area of employee health and welfare benefits. This handy, authoritative book discusses pertinent federal tax and employment laws as they involve employee benefits plans. Part of CCH's "Master Guide" series, the U.S. Master Employee Benefits Guide provides straight-forward coverage of important employee benefits issues.

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Bill to prohibit plan loans through credit cards referred to Finance Committee

A bill to amend the Internal Revenue Code to provide that no loan may be made from a qualified employer plan using a credit card or other intermediary and to limit the number of loans that may be made from a qualified employer plan to a participant or beneficiary has been referred to the Senate Committee on Finance.

The bill states that qualified employer plans are prohibited from making loans through credit cards and other intermediaries. Specifically, the bill provides that a trust shall not constitute a qualified trust under Code Sec. 401 if it makes any loan to any beneficiary under the plan through the use of any credit card or any other intermediary.

Also, the bill includes a limitation on the number of loans from qualified employer plans which may be outstanding with respect to any participant or beneficiary.

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