A bill 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.
About This Bill
Committee
Latest Action · July 31, 2019
Read twice and referred to the Committee on Finance.
Automatic IRA Act of 2019
This bill 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 Department of the Treasury to provide employers with a model notice for notifying employees of their opportunity to participate in an automatic IRA arrangement and for providing details regarding the election period, (3) impose a penalty on employers who fail to provide eligible employees access to an automatic IRA arrangement, (4) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing an automatic IRA arrangement, and (5) increase the dollar limitation on the tax credit for small employer pension plan startup costs.
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