man pushing stack of paper 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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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.