[Congressional Record Volume 159, Number 69 (Thursday, May 16, 2013)]
[House]
[Page H2706]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       AUTOMATIC IRA ACT OF 2013

  (Mr. NEAL asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. NEAL. Mr. Speaker, I want to talk about legislation that I have 
reintroduced--the Automatic IRA Act of 2013.
  According to Boston College's Center for Retirement Research, the 
United States has a retirement income deficit of $6.6 trillion.
  One area I think we need to focus on is getting more low and middle-
income workers into retirement savings.
  It is estimated that 75 million workers--or half of American 
workers--have no employer-provided retirement plan or other opportunity 
to save for workplace contributions. The auto IRA is a commonsense 
solution to dramatically expand retirement savings in the United 
States.
  Listen to this: this auto IRA proposal was jointly developed by 
myself, along with the Brookings Institution and the Heritage 
Foundation. It has garnered widespread support, including from AARP, 
the U.S. Black Chamber of Commerce, the Women's Institute for a Secure 
Retirement, and the Aspen Institute Initiative on Financial Security.
  This is a commonsense piece of legislation that should be joined by 
both parties in advancing retirement opportunities for the American 
people.

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