The House Passes Family Savings Act

On September 27, the House of Representatives passed the Family Savings Act (FSA), one of three components of the Republicans’ Tax Reform 2.0 package. The FSA includes a number of important retirement policy provisions, including a proposal to amend the safe harbor rules for the selection of an annuity provider. A number of the FSA’s provisions are also included in the Retirement Enhancement and Savings Act (RESA), a comprehensive bipartisan and bicameral retirement reform bill for which TIAA has been a strong advocate since it first passed out of the Senate Finance Committee in 2016. However, the FSA also excludes numerous proposals that are in RESA. It is expected that House and Senate negotiators will come together and build a comprehensive retirement package that represents a compromise between the two bills. While no retirement-related legislation is expected to move forward before the mid-term elections on November 6, there is a possibility that such legislation could be taken up and considered after the election.
TIAA is a strong supporter of policies that would improve the retirement and financial security of all Americans. We will continue to engage policy makers as they build a comprehensive retirement package that would improve the current retirement system, including access to annuities inside employer-sponsored retirement plans.