115-hr-6757115th Congress

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.

View on Congress.gov

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