US HR6757

Bill

Family Savings Act of 2018

Introduced
09/10/2018

In Committee
09/13/2018

Crossed Over
09/28/2018

Passed

Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

Family Savings Act of 2018

AI Summary

This bill, the Family Savings Act of 2018, aims to encourage retirement and family savings through several key provisions: It expands access to multiple employer plans (MEPs) and "pooled employer plans" (PEPs) to make it easier for small businesses to offer retirement plans. It modifies nondiscrimination rules to protect older, longer-service participants in defined benefit plans. It allows certain non-tuition fellowship and stipend payments to be treated as compensation for IRA purposes. It repeals the maximum age for making traditional IRA contributions. It prohibits qualified employer plans from making loans through credit cards or similar arrangements. It enhances portability of lifetime income investments within retirement plans. It clarifies rules for church-controlled retirement income accounts and exempts certain small retirement accounts from required minimum distribution rules. The bill also creates a new tax-advantaged savings account called a "Universal Savings Account" and expands the use of 529 education savings plans. Finally, it allows penalty-free withdrawals from retirement plans for expenses related to the birth or adoption of a child.

Committee Categories

Budget and Finance

Sponsors (30)

Mike Kelly (R)*, Mike Bishop (R), Diane Black (R), Marsha Blackburn (R), Kevin Brady (R), Vern Buchanan (R), Barbara Comstock (R), Carlos Curbelo (R), Ron Estes (R), French Hill (R), George Holding (R), Lynn Jenkins (R), Sam Johnson (R), Darin LaHood (R), Kenny Marchant (R), Paul Mitchell (I), Kristi Noem (R), Devin Nunes (R), Erik Paulsen (R), Tom Reed (R), David Reichert (R), James Renacci (R), Tom Rice (R), Peter Roskam (R), David Schweikert (R), Pete Sessions (R), Adrian Smith (R), Jason Smith (R), Jackie Walorski (R), Brad Wenstrup (R),

Last Action

Received in the Senate and Read twice and referred to the Committee on Finance. (on 09/28/2018)

Official Document

https://www.congress.gov/bill/115th-congress/house-bill/6757/all-info

(11 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/115th-congress/house-bill/6757/all-info
BillText	https://www.congress.gov/115/bills/hr6757/BILLS-115hr6757eh.pdf
Bill	https://www.congress.gov/115/bills/hr6757/BILLS-115hr6757eh.pdf.pdf
BillText	https://www.congress.gov/115/bills/hr6757/BILLS-115hr6757rh.pdf
Bill	https://www.congress.gov/115/bills/hr6757/BILLS-115hr6757rh.pdf.pdf
BillText	https://www.congress.gov/115/bills/hr6757/BILLS-115hr6757ih.pdf
Bill	https://www.congress.gov/115/bills/hr6757/BILLS-115hr6757ih.pdf.pdf

Bill	Bill Name	Last Action	Type
HR1962	Retirement Security Preservation Act of 2017	Referred to the House Committee on Ways and Means.	Related
HR2341	SERVE Act Seeking an End to Restrictions on Votive Employees Act	Referred to the House Committee on Ways and Means.	Related
HR3136	Graduate Student Savings Act of 2017	Referred to the House Committee on Ways and Means.	Related
HR4862	Enhancing Educational Opportunities for Home School Students Act	Referred to the House Committee on Ways and Means.	Related
HR6767	To amend the Internal Revenue Code of 1986 to allow qualified education loan repayments from section 529 plans.	Referred to the House Committee on Ways and Means.	Related
HR854	Retirement Security for American Workers Act	Referred 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
HRes1084	Providing for consideration of the bill (H.B. 6756) to amend the Internal Revenue Code of 1986 to promote new business innovation, and for other purposes; providing for consideration of the bill (H.B. 6757) to amend the Internal Revenue Code of 1986 to encourage retirement and family savings, and for other purposes; providing for consideration of the bill (H.B. 6760) to amend the Internal Revenue Code of 1986 to make permanent certain provisions of the Tax Cuts and Jobs Act affecting individuals	Motion to reconsider laid on the table Agreed to without objection.	Related
S1379	Graduate Student Savings Act of 2017	Read twice and referred to the Committee on Finance.	Related
S2222	A bill to amend the Internal Revenue Code of 1986 to allow for distributions from 529 accounts for expenses associated with registered apprenticeship programs.	Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7976)	Related
S674	A bill to amend the Internal Revenue Code of 1986 to clarify the retirement income account rules relating to church controlled organizations.	Read twice and referred to the Committee on Finance.	Related
S852	Retirement Security Preservation Act of 2017	Read twice and referred to the Committee on Finance.	Related

Bill > HR6757

US HR6757

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (30)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary