H.R. 6757 — Family Savings Act of 2018

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.

Legislative Actions

2018-09-10

Introduced in House

2018-09-10

Introduced in House

2018-09-10

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.

2018-09-10

2018-09-13

Committee Consideration and Mark-up Session Held.

2018-09-13

Ordered to be Reported in the Nature of a Substitute by the Yeas and Nays: 21 - 14.

2018-09-24

Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-959, Part I.

2018-09-24

Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-959, Part I.

2018-09-24

Committee on Education and the Workforce discharged.

2018-09-24

Committee on Education and the Workforce discharged.

2018-09-24

Placed on the Union Calendar, Calendar No. 747.

2018-09-26

Rules Committee Resolution H. Res. 1084 Reported to House. Rule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760.

2018-09-27

Considered under the provisions of rule H. Res. 1084. (consideration: CR H9118-9134)

2018-09-27

Rule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760.

2018-09-27

DEBATE - The House proceeded with one hour of debate on H.R. 6757.

2018-09-27

The previous question was ordered pursuant to the rule.

2018-09-27

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 240 - 177 (Roll no. 411).(text: CR H9118-9126)

Roll Call #411 (House)

2018-09-27

On passage Passed by the Yeas and Nays: 240 - 177 (Roll no. 411). (text: CR H9118-9126)

Roll Call #411 (House)

2018-09-27

Motion to reconsider laid on the table Agreed to without objection.

2018-09-28

Received in the Senate and Read twice and referred to the Committee on Finance.

Family Savings Act of 2018

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