3.0.0 4049 2022-02-03T05:56:50Z 2022-02-03T05:56:50Z House H HR 2012-02-16 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. NEAL:H.R. 4049.Congress has the power to enact this legislation pursuantto the following:Congress has the power to enact this legislation pursuantto Clause 1 of Section 8 of Article I and the 16th Amendmentto the U.S. Constitution.[Page H902]]]> hsed00 Education and the Workforce Committee House Standing hsed02 Health, Employment, Labor, and Pensions Subcommittee Referred to 2012-03-29T18:46:44Z Referred to 2012-02-16T15:01:15Z hswm00 Ways and Means Committee House Standing Referred to 2012-02-16T15:01:10Z 2012-03-29 hsed02 Health, Employment, Labor, and Pensions Subcommittee 1 House committee actions Referred to the Subcommittee on Health, Employment, Labor, and Pensions. Committee 2012-02-16 Referred 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. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2012-02-16 Referred 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. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2012-02-16 Introduced in House IntroReferral Intro-H 9 Library of Congress 2012-02-16 Introduced in House IntroReferral 1000 9 Library of Congress N000015 Rep. Neal, Richard E. [D-MA-2] RICHARD NEAL D MA E. 2 N B000574 Rep. Blumenauer, Earl [D-OR-3] EARL BLUMENAUER D OR 3 2012-02-16 True S000810 Rep. Stark, Fortney Pete [D-CA-13] PETE STARK D CA 13 2012-02-28 False M000312 Rep. McGovern, James P. [D-MA-3] JAMES MCGOVERN D MA P. 3 2012-02-28 False H001034 Rep. Honda, Michael M. [D-CA-15] MICHAEL HONDA D CA M. 15 2012-02-28 False R000053 Rep. Rangel, Charles B. [D-NY-15] CHARLES RANGEL D NY B. 15 2012-03-20 False D000610 Rep. Deutch, Theodore E. [D-FL-19] Theodore Deutch D FL E. 19 2012-03-29 False L000557 Rep. Larson, John B. [D-CT-1] JOHN LARSON D CT B. 1 2012-04-19 False P000096 Rep. Pascrell, Bill, Jr. [D-NJ-8] WILLIAM PASCRELL D NJ J. 8 2012-04-19 False C001038 Rep. Crowley, Joseph [D-NY-7] JOSEPH CROWLEY D NY 7 2012-04-19 False S001162 Rep. Schwartz, Allyson Y. [D-PA-13] Allyson Schwartz D PA Y. 13 2012-04-19 False T000460 Rep. Thompson, Mike [D-CA-1] MIKE THOMPSON D CA 1 2012-04-19 False L000287 Rep. Lewis, John [D-GA-5] JOHN LEWIS D GA 5 2012-04-19 False T000465 Rep. Tsongas, Niki [D-MA-5] Niki Tsongas D MA 5 2012-04-25 False H001047 Rep. Himes, James A. [D-CT-4] James Himes D CT A. 4 2012-05-07 False T000266 Rep. Tierney, John F. [D-MA-6] JOHN TIERNEY D MA F. 6 2012-08-02 False E000288 Rep. Ellison, Keith [D-MN-5] Keith Ellison D MN 5 2012-09-14 False Taxation Administrative law and regulatory procedures Advisory bodies Department of Labor Department of the Treasury Employee benefits and pensions Federal preemption Financial services and investments Government information and archives Government studies and investigations Income tax credits Securities Small business Tax administration and collection, taxpayers Taxation 00 2012-02-16 Introduced in House 2013-06-21T18:50:56Z Automatic IRA Act of 2012 - 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 such an arrangement and to provide participants with an annual statement setting forth arrangement payments, earnings, value, and other specified information; (3) impose a penalty on employers who fail to provide eligible employees access to such an arrangement; (4) establish an Automatic IRA Advisory Group to make recommendations regarding investment options; and (5) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing an automatic IRA arrangement.

Requires the Secretary and the Secretary of Labor to jointly conduct feasibility studies on: (1) extending spousal consent requirements to automatic IRA arrangements; (2) promoting the use of low-cost lifetime income arrangements, (3) 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; (4) using investment data to notify individuals with multiple small balance retirement accounts of consolidation options; and (5) using investment arrangements associated with automatic IRAs to assist in addressing the problem of abandoned accounts.

]]> Automatic IRA Act of 2012 Short Titles as Introduced Automatic IRA Act of 2012 Display Title Automatic IRA Act of 2012 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. Introduced in House 2012-02-16T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr4049ih/xml/BILLS-112hr4049ih.xml 2012-03-29 Referred to the Subcommittee on Health, Employment, Labor, and Pensions. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.