Automatic IRA Act of 2010
Latest action · Nov 18, 2010 Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedAug 10, 2010
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 7
Members who signed on, in the order they did. Signatures ran from Aug 10, 2010 to Nov 15, 2010; 3 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-PA | Allyson Y. Schwartz | Original | Aug 10, 2010 |
| D-OR | Earl Blumenauer | Original | Aug 10, 2010 |
| D-CA | Fortney Pete Stark | Original | Aug 10, 2010 |
| D-GA | John Lewis | Sep 22, 2010 | |
| D-IL | Danny K. Davis | Sep 23, 2010 | |
| D-CA | Michael M. Honda | Sep 28, 2010 | |
| D-CT | James A. Himes | Nov 15, 2010 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Aug 10, 2010 |
| House | Education and Workforce Committee | Referred Aug 10, 2010 |
| Health, Employment, Labor, and Pensions Subcommittee | Referred Nov 18, 2010 |
Actions 6
Everything that happened, newest first.
- Nov 18, 2010Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
- Aug 10, 2010Introduced in House
- Aug 10, 2010Sponsor introductory remarks on measure. (CR E1567-1568)
- Aug 10, 2010Referred to House Ways and Means
- Aug 10, 2010Referred 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.
- Aug 10, 2010Referred to House Education and Labor
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Extensions | Debate and remarks E1567 | Richard E. Neal D-MA | Aug 10, 2010 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
CRS reports 2
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 2
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R40707 | 401(k) Plans and Retirement Savings: Issues for Congress Archived | Report | Jan 7, 2011 |
| R41476 | Ownership of Individual Retirement Accounts (IRAs) and Policy Options for Congress Archived | Report | Jan 7, 2011 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 3760 | Automatic IRA Act of 2010 | Related bill | Aug 5, 2010 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to expand personal saving and retirement savings coverage by enabling employees not covered by qualifying retirement plans to save for retirement through automatic IRA arrangements, and for other purposes.
- Short Titles as Introduced
- Automatic IRA Act of 2010
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Administrative law and regulatory procedures
- Advisory bodies
- Department of Labor
- Department of the Treasury
- Employee benefits and pensions
- Federal preemption
- Financial services and investments
- Government information and archives
- Government studies and investigations
- Income tax credits
- Securities
- Small business
- Tax administration and collection, taxpayers
- Taxation
Text 1
Each version as it was printed, newest first.
- Aug 10, 2010Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
