S.1557 - Automatic IRA Act of 2011112th Congress (2011-2012)
|Sponsor:||Sen. Bingaman, Jeff [D-NM] (Introduced 09/14/2011)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 09/14/2011 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.1557 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in Senate (09/14/2011)
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.