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Key Votes

HR 6757 - Family Savings Act of 2018 - National Key Vote

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Legislation - Bill Passed (House) (240-177) - (Key vote)
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Title: Family Savings Act of 2018

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Vote Smart's Synopsis:

Vote to pass a bill that amends the age limit on individual retirement account contributions and creates a new tax-deferred savings account.

Highlights:

 

  • Repeals the age qualification of under 70 1/2 for deduction to the retirement contributions for the benefit of an individual (Sec. 104).

  • Prohibits that any amounts to be paid or made available to any distributee before (Sec. 106):

    • The employee dies;

    • The employee attains 59 ½ years of age;

    • The employee has a severance from employment;

    • The employee becomes disabled;

    • In the case of contributions made pursuant to a salary reduction agreement, the employee encounters financial hardship; or

    • Except as may be otherwise provided by regulations, with respect to amounts invested in a lifetime income investment, the date that is 90 days prior to the date that such lifetime income investment may no longer be held as an investment option under the contract.

  • Requires a custodial account be deemed an individual retirement plan if an employer terminates the plan under which amounts are contributed to a custodial account and the person holding the assets of the account has demonstrated to the satisfaction of the Secretary that the individual is qualified to be a trustee of an individual retirement plan (Sec. 107).

  • Specifies that if on the last day of any calendar year the aggregate value of an employee’s entire interest under all applicable eligible retirement plans does not exceed $50,000 then the requirements for qualification for a trust will not apply (Sec. 109).

  • Prohibits the required minimum distribution for an employee under all applicable eligible retirement plans from exceeding an amount equal to the excess of the aggregate value of an employee’s entire interest under such plans on the last day of the calendar year to which such distribution relates, and the dollar amount of $50,000 for such calendar year (Sec. 109)

  • Requires that in the case of any calendar year beginning after 2019, the $50,000 will be increased by an amount equal to the dollar amount multiplied by the cost of living adjustment for the calendar year (Sec. 109).

  • Requires that any increase determined under this clause to be rounded to the next lowest multiple of $5,000 (Sec. 109).

  • Requires that no later than January 31st of each year, the plan administrator of each applicable eligible retirement plan make a return to the Secretary with respect to each participant of such plan who has attained the age of 69 as of the end of the preceding calendar year which states (Sec. 109):

    • The name and plan number of the plan;

    • The name and address of the plan administrator;

    • The name, address, and taxpayer identification number of the participant; and

    • The account balance of such participants as of the end of the preceding calendar year.

Legislation - Introduced (House) -

Title: Family Savings Act of 2018

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