S. 1141 (110th): Automatic IRA Act of 2007

Introduced:
Apr 18, 2007 (110th Congress, 2007–2009)
Sponsor:
Sen. Jeff Bingaman [D-NM]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as S. 3760 (111th) on Aug 05, 2010.

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on April 18, 2007, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 18, 2007
Referred to Committee Apr 18, 2007
Cosponsors
7 cosponsors (4D, 3R) (show)
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to amend the Internal Revenue Code of 1986 to allow employees not covered by qualified retirement plans to save for retirement through automatic payroll deposit IRAs, to facilitate similar saving by the self-employed, and for other purposes.

Summary

No summaries available.

Text

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Last updated Apr 18, 2007.
36 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

4/18/2007--Introduced.
Automatic IRA Act of 2007 - Amends the Internal Revenue Code to:
(1) require certain small employers who do not offer qualified retirement plans or arrangements to their employees to allow eligible employees to participate in a payroll deposit individual retirement account (IRA) arrangement (automatic IRAs);
(2) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing a payroll deposit IRA arrangement; and
(3) treat automatic IRAs as individual retirement accounts (and as Roth IRAs) for income tax purposes.
Establishes in the executive branch the TSP II Board to establish policies and procedures relating to payroll deposit IRA arrangements.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Other Citations

  • 5 U.S.C. Chapter 84