Representative Richard Neal, a Democrat from Massachusetts, is Ranking Member of the House Ways and Means Committee. Photo: Nathan Howard/Bloomberg
More than 20 companies and trade groups expressed support for the Automatic IRA Act of 2024 in a letter sent this week to the bill's sponsor, Rep. Richard Neal, D-Mass.
"We believe in the strength and vitality of the private retirement plan system but recognize that more needs to be done to help more of America's workers achieve retirement security," the letter said to Rep. Neal. "Your bill represents a meaningful step forward in strengthening and enhancing our nation's retirement security. It will increase retirement plan coverage and the benefits of those individuals covered by a plan, including offering them the option to take a distribution in the form of a guaranteed, protected lifetime income solution."
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