Congress 115 - HR 6757 - Family Savings Act of 2018

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Topics

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

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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.

Actions

Sep 28, 2018

Received in the Senate and Read twice and referred to the Committee on Finance.
Sep 27, 2018

Motion to reconsider laid on the table Agreed to without objection.
Sep 27, 2018

On passage Passed by the Yeas and Nays: 240 - 177 (Roll no. 411). (text: CR H9118-9126)
Sep 27, 2018

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 240 - 177 (Roll no. 411).(text: CR H9118-9126)
Sep 27, 2018

The previous question was ordered pursuant to the rule.
Sep 27, 2018

DEBATE - The House proceeded with one hour of debate on H.R. 6757.
Sep 27, 2018

Rule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760.
Sep 27, 2018

Considered under the provisions of rule H. Res. 1084. (consideration: CR H9118-9134)
Sep 26, 2018

Rules Committee Resolution H. Res. 1084 Reported to House. Rule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760.
Sep 24, 2018

Placed on the Union Calendar, Calendar No. 747.
Sep 24, 2018

Committee on Education and the Workforce discharged.
Sep 24, 2018

Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-959, Part I.
Sep 13, 2018

Ordered to be Reported in the Nature of a Substitute by the Yeas and Nays: 21 - 14.
Sep 13, 2018

Committee Consideration and Mark-up Session Held.
Sep 10, 2018

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.
Sep 10, 2018

Introduced in House

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