House passes "Family Savings Act" as part of a tax reform legislative package
REGULATORY RADAR - On September 27, 2018, the House of Representatives passed the Family Savings Act of 2018, which reforms retirement accounts and family-friendly saving accounts to increase flexibility and encourage savings. This bill exempts individuals less than $50,000 across all eligible retirement plans from required minimum distribution rules and repeals the maximum age for contributions to a traditional IRA, which is currently set at age 70 陆. .
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