Congressman Richard Neal, D-Mass., is trying to push a bill that would give small employers a tax credit for setting up automatic individual retirement accounts for participants who don't have access to other savings vehicles at work.
Similar legislation was introduced in 2010 by Sen. Jeff Bingaman, D-N.M, and we saw President Obama tout the idea in his "Supporting Middle Class Families" program.
This time around, Neal hopes that by showing how much workers are committed to saving for their retirement through IRAs, it will inspire employers to then adopt a 401(k), which has a higher contribution limit ($17,000 versus $5,000 for an IRA if you are under age 50), and is leveraged by an employer contribution.
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