President proposes that small businesses offer automatic IRAs

03/12/2010 | Small Business Trends

President Barack Obama has proposed requiring small businesses with more than 10 employees who don't offer a retirement plan to automatically enroll workers in an individual retirement account with contributions coming directly from the employee's paycheck. An NFIB survey shows that a large majority of small businesses use an outside payroll firm or payroll software, which should make the plan relatively easy to implement. Companies would receive a $25 tax credit for each employee who uses the program.

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