The federal government may follow the lead of nearly 20 states that have mandated programs to help workers save for retirement.
Rep. Richard Neal, D-Mass., ranking member of the House Ways and Means Committee, has re-introduced the Automatic IRA Act of 2024. It would require employees to automatically be enrolled in an IRA or other automatic contribution plan or arrangement, such as a 401(k). The legislation would create a new tax credit of $500 per year for three years for employers of up to 100 employees that offer either a state or national automatic IRA, in addition to other existing tax credits.
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