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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (4)

Short Titles

Short Titles - House of Representatives

Short Titles as Passed House

Family Savings Act of 2018

Short Titles as Reported to House

Family Savings Act of 2018

Short Titles as Introduced

Family Savings Act of 2018

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Internal Revenue Code of 1986 to encourage retirement and family savings, and for other purposes.


Actions Overview (4)

Date
09/27/2018Passed/agreed to in House: On passage Passed by the Yeas and Nays: 240 - 177 (Roll no. 411).(text: CR H9118-9126)
09/24/2018Committee on Education and the Workforce discharged.
09/24/2018Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-959, Part I.
09/10/2018Introduced in House

All Actions (16)

Date Chamber
09/28/2018SenateReceived in the Senate and Read twice and referred to the Committee on Finance.
09/27/2018-4:11pmHouseMotion to reconsider laid on the table Agreed to without objection.
09/27/2018-4:11pmHouseOn passage Passed by the Yeas and Nays: 240 - 177 (Roll no. 411). (text: CR H9118-9126)
09/27/2018-3:43pmHouseThe previous question was ordered pursuant to the rule.
09/27/2018-2:38pmHouseDEBATE - The House proceeded with one hour of debate on H.R. 6757.
09/27/2018-2:36pmHouseRule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760.
09/27/2018-2:36pmHouseConsidered under the provisions of rule H. Res. 1084. (consideration: CR H9118-9134)
09/26/2018-6:04pmHouseRules Committee Resolution H. Res. 1084 Reported to House. Rule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760.
09/24/2018HousePlaced on the Union Calendar, Calendar No. 747.
09/24/2018HouseCommittee on Education and the Workforce discharged.
09/24/2018HouseReported (Amended) by the Committee on Ways and Means. H. Rept. 115-959, Part I.
09/13/2018HouseOrdered to be Reported in the Nature of a Substitute by the Yeas and Nays: 21 - 14.
09/13/2018HouseCommittee Consideration and Mark-up Session Held.
09/10/2018HouseReferred 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.
09/10/2018HouseReferred 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.
09/10/2018HouseIntroduced in House

Committees (3)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Ways and Means09/10/2018 Referred to
09/13/2018 Markup by
09/24/2018 Reported by H. Rept. 115-959
House Education and the Workforce09/10/2018 Referred to
09/24/2018 Discharged from
Senate Finance09/28/2018 Referred to

A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-congress measures.


Latest Summary (1)

There is one summary for H.R.6757. View summaries

Shown Here:
Introduced in House (09/10/2018)

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.