S.1141 - Automatic IRA Act of 2007 Sponsor: Jeff Bingaman / 110th Congress

Title
110th Congress - A bill to amend the Internal Revenue Code of 1986 to allow employees not covered by qualified retirement plans to save for retirement through automatic payroll deposit IRAs, to facilitate similar saving by the self-employed, and for other purposes. hidemore...
Summary
A bill to amend the Internal Revenue Code of 1986 to allow employees not covered by qualified retirement plans to save for retirement through automatic payroll deposit IRAs, to facilitate similar saving by the self-employed, and for other purposes. (by CRS)
Status
The bill has been introduced.

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Retirement Options by Anna Costello-Dougherty, Aug 12, 2008 (7:54pm)

This bill would require small businesses to provide employees with automatic deposit IRAs if the business does not offer other retirement plans to employees. Businesses with less than 100 employees will receive a tax credit to offset additional costs as a result of this requirement.

This bill provides hope for the younger generations who are no longer provided with retirement 401(k)s thus averting a future retirement crisis.

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