Family Savings Act of 2019
Latest action · Feb 7, 2019 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.
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.
- IntroducedFeb 7, 2019
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 11
Members who signed on, in the order they did. Signatures ran from Feb 7, 2019 to Mar 11, 2020; 9 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-GA | A. Drew Ferguson IV | Original | Feb 7, 2019 |
| R-OH | Brad R. Wenstrup | Original | Feb 7, 2019 |
| R-IL | Darin LaHood | Original | Feb 7, 2019 |
| R-AZ | David Schweikert | Original | Feb 7, 2019 |
| R-MO | Jason Smith | Original | Feb 7, 2019 |
| R-TX | Jodey C. Arrington | Original | Feb 7, 2019 |
| R-TX | Kenny Marchant | Original | Feb 7, 2019 |
| R-KS | Ron Estes | Original | Feb 7, 2019 |
| R-NY | Tom Reed | Original | Feb 7, 2019 |
| R-NC | Ted Budd | Aug 23, 2019 | |
| R-FL | W. Gregory Steube | Mar 11, 2020 |
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 Feb 7, 2019 |
| House | Education and Workforce Committee | Referred Feb 7, 2019 |
| House | Budget Committee | Referred Feb 7, 2019 |
Actions 2
Everything that happened, newest first.
- Feb 7, 2019Introduced in House
- Feb 7, 2019Referred 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.
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.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 165, no. 24, February 7, 2019, page H1463.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 116-395 | CHALLENGES IN THE RETIREMENT SYSTEM110 pages | Finance Committee | May 14, 2019 |
Related bills 11
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 65 | Enhancing Educational Opportunities for Home School Students Act | Related bill | Jan 3, 2019 |
| S 321 | Retirement Security Act of 2019 | Related bill | Feb 4, 2019 |
| S 836 | 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 14, 2019 |
| HR 1007 | Retirement Enhancement and Savings Act of 2019 | Related bill | Feb 6, 2019 |
| HR 1194 | Graduate Student Savings Act of 2019 | Related bill | Feb 13, 2019 |
Titles 2
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 Title(s) as Introduced
- Family Savings Act of 2019
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 1
Each version as it was printed, newest first.
- Feb 7, 2019Introduced 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.
