Family Savings Act of 2018
Sponsored By: Representative Kelly (PA)
Unknown
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.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & CoSponsors
Sponsor
Kelly (PA)
PA • R
Cosponsors
Rep. Reichert, David G. [R-WA-8]
WA • R
Sponsored 9/10/2018
Rep. Roskam, Peter J. [R-IL-6]
IL • R
Sponsored 9/10/2018
Buchanan
FL • R
Sponsored 9/10/2018
Smith (NE)
NE • R
Sponsored 9/10/2018
Rep. Jenkins, Lynn [R-KS-2]
KS • R
Sponsored 9/10/2018
Rep. Paulsen, Erik [R-MN-3]
MN • R
Sponsored 9/10/2018
Rep. Marchant, Kenny [R-TX-24]
TX • R
Sponsored 9/10/2018
Rep. Black, Diane [R-TN-6]
TN • R
Sponsored 9/10/2018
Rep. Reed, Tom [R-NY-23]
NY • R
Sponsored 9/10/2018
Rep. Renacci, James B. [R-OH-16]
OH • R
Sponsored 9/10/2018
Rep. Noem, Kristi L. [R-SD-At Large]
SD • R
Sponsored 9/10/2018
Rep. Holding, George [R-NC-2]
NC • R
Sponsored 9/10/2018
Smith (MO)
MO • R
Sponsored 9/10/2018
Rep. Rice, Tom [R-SC-7]
SC • R
Sponsored 9/10/2018
Rep. Brady, Kevin [R-TX-8]
TX • R
Sponsored 9/10/2018
Rep. Johnson, Sam [R-TX-3]
TX • R
Sponsored 9/10/2018
Rep. Nunes, Devin [R-CA-22]
CA • R
Sponsored 9/10/2018
Schweikert
AZ • R
Sponsored 9/10/2018
Rep. Walorski, Jackie [R-IN-2]
IN • R
Sponsored 9/10/2018
Rep. Curbelo, Carlos [R-FL-26]
FL • R
Sponsored 9/10/2018
Rep. Bishop, Mike [R-MI-8]
MI • R
Sponsored 9/10/2018
LaHood
IL • R
Sponsored 9/10/2018
Rep. Wenstrup, Brad R. [R-OH-2]
OH • R
Sponsored 9/10/2018
Rep. Mitchell, Paul [R-MI-10]
MI • R
Sponsored 9/10/2018
Sessions
TX • R
Sponsored 9/12/2018
Marsha Blackburn
TN • R
Sponsored 9/17/2018
Rep. Comstock, Barbara [R-VA-10]
VA • R
Sponsored 9/17/2018
Hill (AR)
AR • R
Sponsored 9/17/2018
Estes
KS • R
Sponsored 9/17/2018
Roll Call Votes
No roll call votes available for this bill.
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