Two Democratic lawmakers are proposing legislation they say is aimed at walking the country back from the "precipice of an impending retirement crisis."
Senator Sheldon Whitehouse, D-Rhode Island, and Rep. Richard Neal, D-Massachusetts, introduced their Automatic IRA Act last week, which would automatically deposit payroll contributions into IRAs for workers without access to retirement plans. It also would mandate employers with 10 or more workers to participate, assuming workers don't opt out.
The plan takes President Obama's MyRA initiative a step further, by including a mandate so far only seen in initiatives at the state level, as in Illinois.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
