Family Savings Act of 2018 2018-09-10 Introduced in House 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.
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