Monday, April 9, 2012
AUTO IRAs
4:40 PM | 
Posted by
pensionfinancialservices |
After the Ides of March (and not nearly as Shakespearean) comes the agita of April. Yes, tax time is upon us -- and deadlines are looming -- and therefore, as a member of The American Society of Pension Professionals and Actuaries (ASPPA), what better time of the year to inform clients of initiatives in Congress—like the one described below--to expand retirement savings.
“We strongly support Representative Richard Neal’s (D-MA) proposal to expand the private retirement system with Automatic Individual Retirement Accounts (IRAs) because we believe it will allow millions of workers to save for retirement at work, without imposing a burden on the small employers that would become part of the private retirement system.
“The Auto IRA proposal provides small employers who do not sponsor a qualified retirement plan with a tax credit for offering their employees’ retirement savings through automatic payroll deduction. Because the contribution limits for IRAs are less than for employer-sponsored 401(k) plans, Auto IRAs are expected to expand the availability of retirement savings, not replace current 401(k) plans. In fact, we believe that once employers participate in payroll reduction retirement savings arrangements, they will be more likely to step up to a 401(k) plan.
“Research shows American workers that cannot already save at work are ready and willing to participate in Automatic IRAs plans.
“We look forward to working with Congress and to improve the retirement security of all American workers.”
Feel free to contact us with any questions regarding this proposal at:
28 West 44th Street
New York, NY 10036
Phone: (212) 675-9360 Fax: (212) 675-9363
New York, NY 10036
Phone: (212) 675-9360 Fax: (212) 675-9363
675 Line Road
Aberdeen, NJ 07747
Phone: (732) 583 -1313 Fax: (732) 583-6991
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment