The Family Savings Act does not provide an annuity selection safe harbor for employers, a provision included in the Retirement Enhancement Savings Act (RESA), a separate and more comprehensive bill that has been introduced in both the House and Senate. (Photo: Shutterstock)
The Family Savings Act of 2018 passed out of the House Ways and Means Committee on a 21 to 14 party-line vote.
The bill now moves to a full floor vote with two other bills packaged under Tax Reform 2.0., currently scheduled for October 1.
Each bill would need 60 votes in the Senate to pass. It is unclear if the Senate would take the measures up before the mid-term elections.
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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.
