Family Savings Act of 2018
Latest action · Sep 28, 2018 Received in the Senate and Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedSep 10, 2018
- Passed HouseSep 27, 2018
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Recorded votes 1
Newest first. Open one to see how every member voted.
| Roll call | Question | Result | Date |
|---|---|---|---|
| House 411 | On Passage | Passed240–177 | Sep 27, 2018 |
Cosponsors 29
Members who signed on, in the order they did. Signatures ran from Sep 10, 2018 to Sep 17, 2018, with 24 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-NE | Adrian Smith | Original | Sep 10, 2018 |
| R-OH | Brad R. Wenstrup | Original | Sep 10, 2018 |
| R-FL | Carlos Curbelo | Original | Sep 10, 2018 |
| R-IL | Darin LaHood | Original | Sep 10, 2018 |
| R-WA | David G. Reichert | Original | Sep 10, 2018 |
| R-AZ | David Schweikert | Original | Sep 10, 2018 |
| R-CA | Devin Nunes | Original | Sep 10, 2018 |
| R-TN | Diane Black | Original | Sep 10, 2018 |
| R-MN | Erik Paulsen | Original | Sep 10, 2018 |
| R-NC | George Holding | Original | Sep 10, 2018 |
| R-IN | Jackie Walorski | Original | Sep 10, 2018 |
| R-OH | James B. Renacci | Original | Sep 10, 2018 |
| R-MO | Jason Smith | Original | Sep 10, 2018 |
| R-TX | Kenny Marchant | Original | Sep 10, 2018 |
| R-TX | Kevin Brady | Original | Sep 10, 2018 |
Actions 16
Everything that happened, newest first.
- Sep 28, 2018Received in the Senate and Read twice and referred to the Committee on Finance.
- Sep 27, 2018Considered under the provisions of rule H. Res. 1084. (consideration: CR H9118-9134)
- Sep 27, 2018DEBATE - The House proceeded with one hour of debate on H.R. 6757.
- Sep 27, 2018Motion to reconsider laid on the table Agreed to without objection.
- Sep 27, 2018On passage Passed by the Yeas and Nays: 240 - 177 (Roll no. 411). (text: CR H9118-9126)
Amendments 1
Amendments offered to this bill.
| Amendment | Description | Offered by | Status |
|---|---|---|---|
| HAmdt 969 | Pursuant to the provisions of H.Res. 1084, the amendment in the nature of a substitute, modified by the amendment printed in Part B is considered adopted. | Rules Committee | — |
Related bills 16
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 88 | Shiloh National Military Park Boundary Adjustment and Parker's Crossroads Battlefield Designation Act | Related bill | Dec 21, 2018 |
| S 323 | Universal Savings Account Act | Related bill | Feb 7, 2017 |
| S 674 | A bill to amend the Internal Revenue Code of 1986 to clarify the retirement income account rules relating to church controlled organizations. | Related bill | Mar 21, 2017 |
| S 852 | Retirement Security Preservation Act of 2017 | Related bill | Apr 5, 2017 |
| HR 854 | Retirement Security for American Workers Act | Related bill | Feb 3, 2017 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- 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
- Taxation
Text 4
Each version as it was printed, newest first.
- Sep 28, 2018Referred in Senate
- Sep 27, 2018Engrossed in House
- Sep 24, 2018Reported in House
- Sep 10, 2018Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.