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.

H.R. 854Retirement Security for American Workers Act
2017-02-03Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, 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.
Related
H.R. 1962Retirement Security Preservation Act of 2017
2017-04-05Referred to the House Committee on Ways and Means.
Related
H.R. 2341SERVE Act
2017-05-03Referred to the House Committee on Ways and Means.
Related
H.R. 3136Graduate Student Savings Act of 2017
2017-06-29Referred to the House Committee on Ways and Means.
Related

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
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.
2018-09-13
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.