HOUSE 1084116th CongressReferred 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.

Family Savings Act of 2019

Last Action: 2/7/2019

Actions

2019-02-07Referred 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.
2019-02-07Referred 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.
2019-02-07Referred 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.
2019-02-07Introduced in House
2019-02-07Introduced in House

CRS Summary

As of 2019-02-07 (00)

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.

Cosponsors (11)

Brad Wenstrup (R-OH)
Jodey Arrington (R-TX)
Darin LaHood (R-IL)
Jason Smith (R-MO)
A. Ferguson (R-GA)
David Schweikert (R-AZ)
Ron Estes (R-KS)
Tom Reed (R-NY)
Kenny Marchant (R-TX)
Ted Budd (R-NC)
W. Steube (R-FL)

Subjects

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

Read on Congress.gov

Sourced from Congress.gov (public domain).

This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.