Family Savings Act of 2019

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

R KellySponsor

11 cosponsors · 11 R

9 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

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.

What it does: CRS summary · Introduced in House · Feb 7, 2019

Family Savings Act of 2019

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.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Family Savings Act of 2019

Latest action (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.

Policy area: Taxation · Origin: House · Introduced: Feb 7, 2019

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.