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Bill115th CongressFiled Sep 10, 2018Taxation
H.R. 6757

Family Savings Act of 2018

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary introduced in house (Sep 10, 2018)

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.

What just happenedSep 28, 2018

Received in the Senate and Read twice and referred to the Committee on Finance.

Who’s behind it

Rep. Kelly, Mike [R-PA-3](R-PA)Sponsor
29 cosponsors29 R
Read on Congress.gov
29cosponsors3committees20actions1amendments16related bills22subjects
  1. Sep 28, 2018IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Finance.

    Finance Committee
  2. Sep 27, 2018FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Sep 27, 2018FloorH37100

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

  4. Sep 27, 2018Floor8000

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

  5. Sep 27, 2018FloorH35000

    The previous question was ordered pursuant to the rule.

  6. Sep 27, 2018FloorH8D000

    DEBATE - The House proceeded with one hour of debate on H.R. 6757.

  7. Sep 27, 2018FloorH8D000

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

  8. Sep 27, 2018FloorH30000

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

  9. Sep 26, 2018FloorH1L210

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

  10. Sep 24, 2018CalendarsH12410

    Placed on the Union Calendar, Calendar No. 747.

  11. Sep 24, 2018DischargeH12300

    Committee on Education and the Workforce discharged.

    Education and the Workforce Committee
  12. Sep 24, 2018Committee5500

    Committee on Education and the Workforce discharged.

    Education and the Workforce Committee
  13. Sep 24, 2018CommitteeH12200

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

    Ways and Means Committee
  14. Sep 24, 2018Committee5000

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

    Ways and Means Committee
  15. Sep 13, 2018Committee

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

    Ways and Means Committee
  16. Sep 13, 2018Committee

    Committee Consideration and Mark-up Session Held.

    Ways and Means Committee
  17. Sep 10, 2018IntroReferralH11100

    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.

    Education and the Workforce Committee
  18. Sep 10, 2018IntroReferralH11100

    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.

    Ways and Means Committee
  19. Sep 10, 2018IntroReferralIntro-H

    Introduced in House

  20. Sep 10, 2018IntroReferral1000

    Introduced in House

Family Savings Act of 2018 — Informed