Sen. Bingaman introduces a bill on automatic IRAs

08/9/2010 | PlanSponsor.com

Sen. Jeff Bingaman, D-N.M., introduced legislation aimed at giving a retirement-savings option to millions of Americans who work for small businesses that don't offer a retirement plan. The bill calls for workers' contributions to be deposited into their own IRAs, while employers would receive a $250 tax credit to cover administrative costs of setting up the account. Employers would not be allowed to make a contribution to employees' IRAs.

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