H.R. 6757
Referred to CommitteeFamily Savings Act of 2018
Latest Action
Received in the Senate and Read twice and referred to the Committee on Finance.
9/28/2018 • Senate
Summary
Family Savings Act of 2018
This bill modifies the requirements for employer-provided retirement plans and tax-favored savings accounts.
With respect to employer-provided retirement plans, the bill modifies requirements regarding:
- multiple employer and pooled employer plans,
- nonelective contributions to 401(k) plans,
- loans,
- the portability of lifetime income investments,
- the treatment of custodial accounts upon termination of section 403(b) plans,
- retirement income accounts for church-controlled organizations,
- required minimum distributions,
- retirement plan contributions picked up by government employers for new or existing employees,
- elective deferrals by members of the Ready Reserve of a reserve component of the Armed Forces, and
- nondiscrimination rules.
The bill modifies requirements for other tax-favored savings account to:
- treat taxable non-tuition fellowship and stipend payments as compensation for the purpose of an Individual Retirement Account (IRA),
- repeal the maximum age for traditional IRA contributions,
- allow individuals to establish tax-favored universal savings accounts,
- expand the purposes for which qualified tuition programs (commonly known as 529 plans) may be used, and
- allow certain penalty-free withdrawals from retirement plans if a child is born or adopted.
Introduced in House • 9/10/2018
Topics & Subjects
CBO Cost Estimates (1)
Amendments (1)
This bill has 1 amendment proposed or adopted.
View all amendments on Congress.govRelated Federal Spending
Sponsor & Cosponsors (30)
Party Breakdown
Sponsor
Cosponsors (29)
Bill Journey
Originated in the House
Introduced
September 10, 2018
Committee Review
September 13, 2018
Ordered to be Reported in the Nature of a Substitute by the Yeas and Nays: 21 - 14.
Floor Debate
September 27, 2018
Passed Chamber
September 27, 2018
Other Chamber
President
Enacted into Law
Text Versions (4)
Committee Reports (1)
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