H.R. 1084 — Family Savings Act of 2019

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.

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H.R. 1439Increasing Access to a Secure Retirement Act of 2019
2019-02-28Referred to the House Committee on Education and Labor.
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H.R. 1865Further Consolidated Appropriations Act, 2020
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H.R. 2367Lifetime Income Disclosure Act
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2019-03-14Read twice and referred to the Committee on Finance.
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S. 1574Lifetime Income Disclosure Act
2019-05-21Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
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S. 2352Retirement Security Preservation Act of 2019
2019-07-31Read twice and referred to the Committee on Finance.
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H.R. 65Enhancing Educational Opportunities for Home School Students Act
2019-01-03Referred to the House Committee on Ways and Means.
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H.R. 1007Retirement Enhancement and Savings Act of 2019
2019-02-06Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, 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

Legislative Actions

2019-02-07
Introduced in House
2019-02-07
Introduced in House
2019-02-07
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.
2019-02-07
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.
2019-02-07
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.

Family Savings Act of 2019

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Summary

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Related Legislation

Legislative Actions

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