H.R.6099 - Automatic IRA Act of 2010111th Congress (2009-2010)
|Sponsor:||Rep. Neal, Richard E. [D-MA-2] (Introduced 08/10/2010)|
|Committees:||House - Ways and Means; Education and Labor|
|Latest Action:||11/18/2010 Referred to the Subcommittee on Health, Employment, Labor, and Pensions. (All Actions)|
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Summary: H.R.6099 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (08/10/2010)
Automatic IRA Act of 2010 - Amends the Internal Revenue Code to: (1) require certain employers who do not maintain qualifying 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 their opportunity to participate in such an arrangement and to provide participants with an annual statement setting forth arrangement payments, earnings, value, and other specified information; (3) impose a penalty on employers who fail to provide eligible employees access to such an arrangement; (4) establish an Automatic IRA Advisory Group to make recommendations regarding investment options; (5) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing an automatic IRA arrangement; and (6) increase the tax credit for small employer pension plan startup 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.