The House Ways and Means Select Revenue Measures Subcommittee held hearings on bills that would encourage employers to automatically enroll their employees in individual retirement account plans.
One bill is aimed at creating automatic payroll deposit IRAs for workers who do not have access to employer-sponsored pension plans. "The bill would require employers to automatically enroll employees in a payroll deduction IRA unless the employee opts out," said subcommittee chairman Richard Neal (pictured), D-Mass., in a statement. "Our proposal could raise the national savings rate by nearly $8 billion annually."
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