Obama calls for mandatory setup of IRA for all workers

03/2/2009 | InvestmentNews (free registration)

Under U.S. President Barack Obama's budget proposal, employers that do not offer retirement plans must enroll workers in individual retirement accounts funded by direct deposit, unless the employee opts out. "The main idea, as the president talked about often during the campaign, is to have more of an automatic savings in IRA and 401(k)," a senior Treasury official said.

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