US Congress Senate Bill 1557 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on September 14 2011 - 25% progression, died in committee
Action: 2011-09-14 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Automatic IRA Act of 2011 - Amends the Internal Revenue Code to: (1) require certain employers who do not maintain qualified retirement plans or arrangements to make available to their eligible employees a payroll deposit individual retirement account (IRA) arrangement (automatic IRA arrangement) which grants such employees the right to opt-out of participation, (2) require the Secretary of the Treasury to provide employers with a model notice for notifying employees of automatic IRS arrangements and to establish a program to assist employers in the implementation of such arrangements, (3) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing an automatic IRA arrangement, (4) impose a penalty on employers who fail to provide eligible employees access to automatic IRA arrangements, and (5) increase the tax credit for small employer pension plan start-up costs. Requires the Secretary and the Secretary of Labor to jointly conduct feasibility studies on extending spousal consent requirements to automatic IRAs, promoting the use of low-cost lifetime income arrangements, and using investment data to notify individuals with multiple small balance retirement accounts of consolidation options.

Automatic IRA Act of 2011

Sen. Jeff Bingaman [D-NM]

Sen. John Kerry [D-MA]

Date	Chamber	Action
2011-09-14	Senate	Read twice and referred to the Committee on Finance.
2011-09-14	Senate	Sponsor introductory remarks on measure. (CR S5625-5626)

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/senate-bill/1557/all-info
Text	https://www.congress.gov/112/bills/s1557/BILLS-112s1557is.pdf