H.R. 1084

Referred to Committee

Family Savings Act of 2019

Introduced 2/7/2019•116th Congress•House

Latest Action

Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Labor, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

2/7/2019 • House

Summary

Family Savings Act of 2019

This bill modifies requirements for tax-exempt multi-employer and pooled employer retirement plans and expands qualified tuition plans (commonly known as 529 plans) to cover additional programs and expenses.

Among other things, the bill

treats certain education fellowships and stipend payments as compensation for Individual Retirement Account (IRA) purposes,
repeals the maximum age for contributions to a traditional IRA,
increases the credit limitation for small employer pension plan startup costs,
allows a new tax credit for small employer automatic enrollment plans,
exempts certain individuals with pension plan assets not exceeding $50,000 from required minimum distribution rules, and
modifies nondiscrimination rules to protect certain older pension plan participants,

Additionally, the bill (1) expands 529 plans to allow distributions for registered apprenticeship programs, education loan repayments, and certain elementary and secondary school expenses in addition to tuition; (2) allows unborn children to be beneficiaries of 529 plans; and (3) permits penalty free withdrawals from retirement plans for expenses related to the birth or adoption of a child.

Introduced in House • 2/7/2019

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Topics & Subjects

Policy Area: Taxation

Administrative law and regulatory proceduresAdoption and foster careBank accounts, deposits, capitalBusiness recordsChild care and developmentConsumer creditDepartment of LaborElementary and secondary educationEmployee benefits and pensionsEmployment and training programsFinancial services and investmentsGovernment information and archivesHigher educationIncome tax deductionsIncome tax deferralIncome tax exclusionInterest, dividends, interest ratesMilitary personnel and dependentsNational Guard and reserves