U.S. Congress - H.R.4049 Automatic IRA Act of 2012
H.R.4049 - Automatic IRA Act of 2012
To amend the Internal Revenue Code of 1986 to expand personal saving and retirement savings coverage by enabling employees not covered by qualifying retirement plans to save for retirement through automatic IRA arrangements, and for other purposes. view all titles (2)
All Bill Titles
- Official: To amend the Internal Revenue Code of 1986 to expand personal saving and retirement savings coverage by enabling employees not covered by qualifying retirement plans to save for retirement through automatic IRA arrangements, and for other purposes. as introduced.
- Short: Automatic IRA Act of 2012 as introduced.
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Official Summary
2/16/2012--Introduced.Automatic IRA Act of 2012 - Amends the Internal Revenue Code to: (1) require certain employers who do not maintain qualifying retirement plans or arrangements to make available to their eligible employees a payroll deposit individual retirement account (IRA) arrangemeOfficial Summary
2/16/2012--Introduced.Automatic IRA Act of 2012 - Amends the Internal Revenue Code to:(1) require certain employers who do not maintain qualifying retirement plans or arrangements to make available to their eligible employees a payroll deposit individual retirement account (IRA) arrangement (automatic IRA arrangement) which grants such employees the right to opt-out of participation;
(2) require the Secretary of the Treasury to provide employers with a model notice for notifying employees of their opportunity to participate in such an arrangement and to provide participants with an annual statement setting forth arrangement payments, earnings, value, and other specified information;
(3) impose a penalty on employers who fail to provide eligible employees access to such an arrangement;
(4) establish an Automatic IRA Advisory Group to make recommendations regarding investment options; and
(5) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing an automatic IRA arrangement. Requires the Secretary and the Secretary of Labor to jointly conduct feasibility studies on extending spousal consent requirements to automatic IRAs, promoting the use of low-cost lifetime income arrangements, and using investment data to notify individuals with multiple small balance retirement accounts of consolidation options.
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Latest Letters to Congress
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H.R.4049 Automatic IRA Act of 2012
car45ter
January 18, 2013
I am writing as your constituent in the 17th Congressional district of Texas. I oppose H.R.4049 - Automatic IRA Act of 2012, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Sincerely,
James Carter -
H.R.4049 Automatic IRA Act of 2012
Grizzly
November 02, 2012
I am writing as your constituent in the 24th Congressional district of California. I oppose H.R.4049 - Automatic IRA Act of 2012, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Sincerely,
Leo Duntley -
H.R.4049 Automatic IRA Act of 2012
hernalp
October 06, 2012
I am writing as your constituent in the 7th Congressional district of Louisiana. I am writing as your constituent in the 7th Congressional district of Louisiana. I oppose H.R.4049 - Automatic IRA Act of 2012, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Sincerely,
Lance Hernandez
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