S. 1557 (112th): Automatic IRA Act of 2011

Introduced:
Sep 14, 2011 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Jeff Bingaman
Senator from New Mexico
Party
Democrat
Text
Read Text »
Last Updated
Sep 14, 2011
Length
50 pages
Related Bills
S. 3760 (111th) was a previous version of this bill.

Referred to Committee
Last Action: Aug 05, 2010

 
Status

This bill was introduced on September 14, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Sep 14, 2011
Referred to Committee Sep 14, 2011
 
Full Title

A bill to amend the Internal Revenue Code of 1986 to expand personal savings and retirement savings coverage by allowing employees not covered by qualified retirement plans to save for retirement through automatic IRAs, and for other purposes.

Summary

No summaries available.

Cosponsors
1 cosponsors (1D) (show)
Committees

Senate Finance

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

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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


9/14/2011--Introduced.
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.

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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