New Bill Introduced to Senate to Restrict Frivolous Usage of 401(K) Funds

A new bill has been introduced into the Senate by two Senators, the Republican Mike Enzi of Wyoming, and the Democrat Herb Kohl of Wisconsin. The bill, if passed, would significantly change the way 401(k) funds work, with the stated purposes of restricting frivolous usage and giving participants more time to pay off their loans.

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Senate bill would limit workers’ ability to tap retirement funds