3.0.0 1557 2023-01-11T13:22:17Z 2023-01-11T13:22:17Z Senate S S 2011-09-14 112 ssfi00 Finance Committee Senate Standing Referred to 2011-09-14T18:13:16Z 2011-09-14 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2011-09-14 Sponsor introductory remarks on measure. (CR S5625-5626) IntroReferral B00100 9 Library of Congress 2011-09-14 Introduced in Senate IntroReferral 10000 9 Library of Congress B000468 Sen. Bingaman, Jeff [D-NM] JESSE BINGAMAN D NM FRANCIS N K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES 2011-09-14 True Taxation Administrative law and regulatory procedures Advisory bodies Congressional oversight 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 Marriage and family status Securities Small business Taxation 00 2011-09-14 Introduced in Senate 2011-10-05T14:29:43Z 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.

]]> Automatic IRA Act of 2011 Display Title Automatic IRA Act of 2011 Official Title as Introduced 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. Introduced in Senate IS Short Titles as Introduced Automatic IRA Act of 2011 Introduced in Senate 2011-09-14T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s1557is/xml/BILLS-112s1557is.xml 2011-09-14 Read twice and referred to the Committee on Finance. 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.