Family Savings Act of 2019

Summary

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 7 February 2019

   Introduced

   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.

   Source: IntroReferral

2. 7 February 2019

   Introduced

   Introduced in House

   Source: IntroReferral

3. 7 February 2019

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 7 February 2019 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 7 February 2019

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 7 February 2019

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 7 February 2019

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Kelly, Mike [R-PA-16] · R · Sponsor
• Rep. Wenstrup, Brad R. [R-OH-2] · R · Sponsor
• Rep. Arrington, Jodey C. [R-TX-19] · R · Sponsor
• Rep. LaHood, Darin [R-IL-16] · R · Sponsor
• Rep. Smith, Jason [R-MO-8] · R · Sponsor
• Rep. Ferguson, A. Drew, IV [R-GA-3] · R · Sponsor
• Rep. Schweikert, David [R-AZ-1] · R · Sponsor
• Rep. Estes, Ron [R-KS-4] · R · Sponsor
• Rep. Reed, Tom [R-NY-23] · R · Sponsor
• Rep. Marchant, Kenny [R-TX-24] · R · Sponsor
• Sen. Budd, Ted [R-NC] · R · Cosponsor
• Rep. Steube, W. Gregory [R-FL-17] · R · Cosponsor
• · hsbu00 · Standing
• · hsed00 · Standing
• · hswm00 · Standing

Related records

• related to → Retirement Security Act of 2019
• related to → Enhancing Educational Opportunities for Home School Students Act
• related to → Retirement Enhancement and Savings Act of 2019
• related to ← Graduate Student Savings Act of 2019
• related to ← Increasing Access to a Secure Retirement Act of 2019
• related to ← A bill to amend the Internal Revenue Code of 1986 to clarify the retirement income account rules relating to church-controlled organizations.
• related to ← Further Consolidated Appropriations Act, 2020
• related to ← Providing Retirement Security to Workers in Small Businesses, Cooperatives, and Service Organizations Act of 2019
• related to ← Lifetime Income Disclosure Act
• related to ← Lifetime Income Disclosure Act
• related to ← Retirement Security Preservation Act of 2019