HR-6757 : Still Just a Bill

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.

Action Timeline

Action DateTypeTextSource
2018-09-28IntroReferralReceived in the Senate and Read twice and referred to the Committee on Finance.Senate
2018-09-27FloorMotion to reconsider laid on the table Agreed to without objection.House floor actions
2018-09-27VoteOn passage Passed by the Yeas and Nays: 240 - 177 (Roll no. 411). (text: CR H9118-9126)House floor actions
2018-09-27FloorThe previous question was ordered pursuant to the rule.House floor actions
2018-09-27FloorDEBATE - The House proceeded with one hour of debate on H.R. 6757.House floor actions
2018-09-27FloorRule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760.House floor actions
2018-09-27FloorConsidered under the provisions of rule H. Res. 1084. (consideration: CR H9118-9134)House floor actions
2018-09-26FloorRules Committee Resolution H. Res. 1084 Reported to House. Rule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760.House floor actions
2018-09-24CalendarsPlaced on the Union Calendar, Calendar No. 747.House floor actions
2018-09-24DischargeCommittee on Education and the Workforce discharged.House floor actions
2018-09-24CommitteeReported (Amended) by the Committee on Ways and Means. H. Rept. 115-959, Part I.House floor actions
2018-09-13CommitteeOrdered to be Reported in the Nature of a Substitute by the Yeas and Nays: 21 - 14.House committee actions
2018-09-13CommitteeCommittee Consideration and Mark-up Session Held.House committee actions
2018-09-10IntroReferralReferred 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.House floor actions
2018-09-10IntroReferralReferred 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.House floor actions
2018-09-10IntroReferralIntroduced in HouseLibrary of Congress

Sponsor :

Rep. Kelly, Mike [R-PA-3]
See Cosponsors

Policy Area :

Taxation
See Subjects
  • 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

Related Bills

See Related Bills