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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Automatic IRA Act of 2013

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Internal Revenue Code of 1986 to expand personal saving and retirement savings coverage by enabling employees not covered by qualifying retirement plans to save for retirement through automatic IRA arrangements, and for other purposes.


Actions Overview (1)

Date
05/16/2013Introduced in House

All Actions (6)

Date
07/08/2013Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Action By: Committee on Education and the Workforce
05/16/2013Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Action By: House of Representatives
05/16/2013Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Action By: House of Representatives
05/16/2013Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Action By: House of Representatives
05/16/2013Sponsor introductory remarks on measure. (CR H2706)
Action By: House of Representatives
05/16/2013Introduced in House
Action By: House of Representatives

Cosponsors (3)

* = Original cosponsor
CosponsorDate Cosponsored
Rep. Ellison, Keith [D-MN-5] 05/23/2013
Rep. Tierney, John F. [D-MA-6] 02/03/2014
Rep. Crowley, Joseph [D-NY-14] 04/28/2014

Committees (2)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Ways and Means05/16/2013 Referred to
House Education and the Workforce05/16/2013 Referred to
House Education and the Workforce Subcommittee on Health, Employment, Labor, and Pensions07/08/2013 Referred to

No related bill information was received for H.R.2035.


Latest Summary (1)

There is one summary for H.R.2035. View summaries

Shown Here:
Introduced in House (05/16/2013)

Automatic IRA Act of 2013 - 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 an automatic IRA arrangement and to provide participants with an annual statement setting forth payments, earnings, value, and other specified information; (3) impose a penalty on employers who fail to provide eligible employees access to an automatic IRA 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 dollar limitation on the tax credit for small employer pension plan startup costs.

Requires the Secretary and the Secretary of Labor to jointly conduct feasibility studies on: (1) extending spousal consent requirements to automatic IRA arrangements; (2) automatically transferring amounts saved by employees in retirement bonds into alternative, private sector, diversified investments when employees' automatic IRA balances reach a certain dollar level; (3) using investment data to notify individuals with multiple small balance retirement accounts of consolidation options; and (4) using investment arrangements associated with automatic IRAs to assist in addressing the problem of abandoned accounts.

Directs the Secretaries to prescribe administrative guidance for the use of multiple employer plans.