Family Savings Act of 2018

Bill: 115-hr-6757
Sponsor: Rep. Kelly, Mike [R-PA-3]
Introduced: 2018-09-10 in the House
Policy area: Taxation
Subjects: Administrative law and regulatory procedures
Adoption and foster care
Bank accounts, deposits, capital
Business records
Child care and development
Consumer credit
Department of Labor
Elementary and secondary education
Employee benefits and pensions
Employment and training programs
Financial services and investments
Government information and archives
Higher education
Income tax deductions
Income tax deferral
Income tax exclusion
Interest, dividends, interest rates
Military personnel and dependents
National Guard and reserves
Special education
Student aid and college costs
Tax treatment of families

Summary:
action_date: 2018-09-10
text: 

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. 
 


Legislative actions:
action_date: 2018-09-28
text: Received in the Senate and Read twice and referred to the Committee on Finance.
action_date: 2018-09-27
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2018-09-27
text: On passage Passed by the Yeas and Nays: 240 - 177 (Roll no. 411). (text: CR H9118-9126)
action_date: 2018-09-27
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 240 - 177 (Roll no. 411).(text: CR H9118-9126)
action_date: 2018-09-27
text: The previous question was ordered pursuant to the rule.
action_date: 2018-09-27
text: DEBATE - The House proceeded with one hour of debate on H.R. 6757.
action_date: 2018-09-27
text: Rule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760.
action_date: 2018-09-27
text: Considered under the provisions of rule H. Res. 1084. (consideration: CR H9118-9134)
action_date: 2018-09-26
text: Rules Committee Resolution H. Res. 1084 Reported to House. Rule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760.
action_date: 2018-09-24
text: Placed on the Union Calendar, Calendar No. 747.
action_date: 2018-09-24
text: Committee on Education and the Workforce discharged.
action_date: 2018-09-24
text: Committee on Education and the Workforce discharged.
action_date: 2018-09-24
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-959, Part I.
action_date: 2018-09-24
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-959, Part I.
action_date: 2018-09-13
text: Ordered to be Reported in the Nature of a Substitute by the Yeas and Nays: 21 - 14.
action_date: 2018-09-13
text: Committee Consideration and Mark-up Session Held.
action_date: 2018-09-10
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, 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.
action_date: 2018-09-10
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, 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.
action_date: 2018-09-10
text: Introduced in House
action_date: 2018-09-10
text: Introduced in House