HR 6757
115th Congress
House
Taxation
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
Family Savings Act of 2018
Introduced: September 10, 2018
Introduced by:
Kelly, Mike
Republican
· Pennsylvania
See on congress.gov
Everywhere this bill has been
16 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 28, 2018
Received in the Senate and Read twice and referred to the Committee on Finance.
Sep 27, 2018
Motion to reconsider laid on the table Agreed to without objection.
Sep 27, 2018
On passage Passed by the Yeas and Nays: 240 - 177 (Roll no. 411). (text: CR H9118-9126)
Sep 27, 2018
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 240 - 177 (Roll no. 411).(text: CR H9118-9126)
Sep 27, 2018
The previous question was ordered pursuant to the rule.
Sep 27, 2018
DEBATE - The House proceeded with one hour of debate on H.R. 6757.
Sep 27, 2018
Rule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760.
Sep 27, 2018
Considered under the provisions of rule H. Res. 1084. (consideration: CR H9118-9134)
Sep 26, 2018
Rules Committee Resolution H. Res. 1084 Reported to House. Rule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760.
Sep 24, 2018
Placed on the Union Calendar, Calendar No. 747.
Sep 24, 2018
Committee on Education and the Workforce discharged.
Sep 24, 2018
Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-959, Part I.
Sep 13, 2018
Ordered to be Reported in the Nature of a Substitute by the Yeas and Nays: 21 - 14.
Sep 13, 2018
Committee Consideration and Mark-up Session Held.
Sep 10, 2018
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.
Sep 10, 2018
Introduced in House
Votes taken on this bill
1
| Date | Chamber | What was voted on | Result | Yes–No | |
|---|---|---|---|---|---|
| Sep 27, 2018 | House · vote #411 | On Passage | Passed | 240–177 | See who voted → |
Plain-English 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.
What's happening now
Received in the Senate and Read twice and referred to the Committee on Finance.
Committees of jurisdiction
3