US Congress House Bill 4049 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 17-0)
Status: Introduced on February 16 2012 - 25% progression, died in committee
Action: 2012-03-29 - Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Pending: House Subcommittee on Health, Employment, Labor, and Pensions Committee
Text: Latest bill text (Introduced) [PDF]

Automatic IRA Act of 2012 - 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; and (5) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing an automatic IRA arrangement. 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.

Automatic IRA Act of 2012

Rep. Richard Neal [D-MA]	Rep. Earl Blumenauer [D-OR]	Rep. Joseph Crowley [D-NY]	Rep. Theodore Deutch [D-FL]
Rep. Keith Ellison [D-MN]	Rep. James Himes [D-CT]	Rep. Michael Honda [D-CA]	Rep. John Larson [D-CT]
Rep. John Lewis [D-GA]	Rep. James McGovern [D-MA]	Rep. Bill Pascrell [D-NJ]	Rep. Charles Rangel [D-NY]
Rep. Allyson Schwartz [D-PA]	Rep. Fortney Stark [D-CA]	Rep. Mike Thompson [D-CA]	Rep. John Tierney [D-MA]
Rep. Niki Tsongas [D-MA]

Date	Chamber	Action
2012-03-29	House	Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
2012-02-16	House	Referred to House Education and the Workforce
2012-02-16	House	Referred to House Ways and Means
2012-02-16	House	Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, 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.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/4049/all-info
Text	https://www.congress.gov/112/bills/hr4049/BILLS-112hr4049ih.pdf