The largest section of the Family Savings Act of 2018 covers the treatment of Multiple Employer Plans. (Photo: Shutterstock)
The 88-page Family Savings Act of 2018, released with two other bills under the aegis of Tax Reform 2.0 by Republicans on the House Ways and Means Committee, includes a patchwork of retirement plan and savings reforms that range from revolutionary to technical.
The bill would establish Universal Savings Accounts, which allow after-tax contributions to investment accounts that would grow tax-free. Withdrawals could be made penalty-free for any purpose. Annual contributions would be capped at $2,500, lower than limits previously suggested.
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