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; 24 are original cosponsors, there from 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 |
| R-SD | Kristi L. Noem | Original | Sep 10, 2018 |
| R-KS | Lynn Jenkins | Original | Sep 10, 2018 |
| R-MI | Mike Bishop | Original | Sep 10, 2018 |
| I-MI | Paul Mitchell | Original | Sep 10, 2018 |
| R-IL | Peter J. Roskam | Original | Sep 10, 2018 |
| R-TX | Sam Johnson | Original | Sep 10, 2018 |
| R-NY | Tom Reed | Original | Sep 10, 2018 |
| R-SC | Tom Rice | Original | Sep 10, 2018 |
| R-FL | Vern Buchanan | Original | Sep 10, 2018 |
| R-TX | Pete Sessions | Sep 12, 2018 | |
| R-VA | Barbara Comstock | Sep 17, 2018 | |
| R-AR | J. French Hill | Sep 17, 2018 | |
| R-TN | Marsha Blackburn | Sep 17, 2018 | |
| R-KS | Ron Estes | Sep 17, 2018 |
Committees 3
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Sep 10, 2018Markup Sep 13, 2018Reported Sep 24, 2018 |
| House | Education and Workforce Committee | Referred Sep 10, 2018Discharged Sep 24, 2018 |
| Senate | Finance Committee | Referred Sep 28, 2018 |
Actions 15
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, 2018Rule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760.
- Sep 27, 2018DEBATE - The House proceeded with one hour of debate on H.R. 6757.
- Sep 27, 2018The previous question was ordered pursuant to the rule.
In the Congressional Record 2
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H9094, H9101–H9113, H9118–H9134Text printed H9101, H9118–H9126Amendments H9111Recorded votes H9111, H9112, H9134consideration (H. Res. 1084), previous questionenact | Brad R. Wenstrup R-OH, Danny K. Davis D-IL, Gene Green D-TX, Glenn Thompson R-PA, Gwen Moore D-WI, James B. Renacci R-OH, James P. McGovern D-MA (amendment), John A. Yarmuth D-KY, Judy Chu D-CA, Kevin Brady R-TX, Lloyd Doggett D-TX, Mike Kelly R-PA, Norma J. Torres D-CA, Pete Sessions R-TX, Ron Estes R-KS, Ron Kind D-WI, Sheila Jackson Lee D-TX | Sep 27, 2018 |
| House | Debate and remarks H8891 | Erik Paulsen R-MN | Sep 26, 2018 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimate
- Sep 21, 2018H.R. 6757, Family Savings Act of 2018As ordered reported by the House Committee on Ways and Means on September 13, 2018
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 164, no. 150, September 10, 2018, page H8107.
CRS reports 2
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 2
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| IF11033 | The House-Proposed Tax Cut: Amendment to H.R. 88 Archived | Resource | Dec 27, 2018 |
| IF10977 | Tax Reform 2.0: The Ways and Means Tax Proposals Archived | Resource | Oct 4, 2018 |
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 | House amendment offered |
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 |
Titles 4
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to encourage retirement and family savings, and for other purposes.
- Short Titles as Introduced
- Family Savings Act of 2018
- Short Titles as Reported to House
- Family Savings Act of 2018
- Short Titles as Passed House
- Family Savings Act of 2018
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
