S.3760 - Automatic IRA Act of 2010111th Congress (2009-2010)
|Sponsor:||Sen. Bingaman, Jeff [D-NM] (Introduced 08/05/2010)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 08/05/2010 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: S.3760 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in Senate (08/05/2010)
Automatic IRA Act of 2010 - 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.