Some new and some renewed proposals are circulating congressional desks that hope to increase Americans’ participation in IRAs and retirement plans, the most significant of which is an automatic IRA enrollment.
Employers that don’t offer retirement plans will be required to offer workers an option to have money automatically deducted from their paycheck and deposited into an IRA. Workers would need to opt-out if they did not want to participate.
Other proposals include savings tax credits and promoting annuities and other forms of guaranteed lifetime income and more transparency regarding 401(k) fees and expenses.
More details to come.