Automatic IRA Act of 2010

Summary

Automatic IRA Act of 2010 - 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; (5) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing an automatic IRA arrangement; and (6) increase the tax credit for small employer pension plan startup costs. 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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Timeline

1. 10 August 2010

   Introduced

   Referred to House Ways and Means

   Source: IntroReferral

2. 10 August 2010

   Introduced

   Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

3. 10 August 2010

   Introduced

   Sponsor introductory remarks on measure. (CR E1567-1568)

   Source: IntroReferral

4. 10 August 2010

   Introduced

   Introduced in House

   Source: IntroReferral

5. 10 August 2010

   Introduced

   Introduced in House

   Source: IntroReferral

6. 18 November 2010

   Referred

   Referred to the Subcommittee on Health, Employment, Labor, and Pensions.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 10 August 2010 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 10 August 2010

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 10 August 2010

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 10 August 2010

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Neal, Richard E. [D-MA-1] · D · Sponsor
• Rep. Stark, Fortney Pete [D-CA-13] · D · Sponsor
• Rep. Schwartz, Allyson Y. [D-PA-13] · D · Sponsor
• Rep. Blumenauer, Earl [D-OR-3] · D · Sponsor
• Rep. Lewis, John [D-GA-5] · D · Cosponsor
• Rep. Davis, Danny K. [D-IL-7] · D · Cosponsor
• Rep. Honda, Michael M. [D-CA-15] · D · Cosponsor
• Rep. Himes, James A. [D-CT-4] · D · Cosponsor
• · hsed00 · Standing
• · hswm00 · Standing

Related records

• related to ← Automatic IRA Act of 2010