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Family Savings Act of 2019

Introduced: February 7, 2019 Introduced by: Kelly, Mike Republican · Pennsylvania See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 7, 2019
Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Labor, and the Budget, 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.
Feb 7, 2019
Introduced in House
 Plain-English summary Congressional Research Service

Family Savings Act of 2019

This bill modifies requirements for tax-exempt multi-employer and pooled employer retirement plans and expands qualified tuition plans (commonly known as 529 plans) to cover additional programs and expenses.

Among other things, the bill

  • treats certain education fellowships and stipend payments as compensation for Individual Retirement Account (IRA) purposes,
  • repeals the maximum age for contributions to a traditional IRA,
  • increases the credit limitation for small employer pension plan startup costs,
  • allows a new tax credit for small employer automatic enrollment plans,
  • exempts certain individuals with pension plan assets not exceeding $50,000 from required minimum distribution rules, and
  • modifies nondiscrimination rules to protect certain older pension plan participants,

Additionally, the bill (1) expands 529 plans to allow distributions for registered apprenticeship programs, education loan repayments, and certain elementary and secondary school expenses in addition to tuition; (2) allows unborn children to be beneficiaries of 529 plans; and (3) permits penalty free withdrawals from retirement plans for expenses related to the birth or adoption of a child.

What's happening now February 7, 2019

Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Labor, and the Budget, 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.

 Committees of jurisdiction 3
 Cosponsors 7
All 7 Republican 7