A year ago, President Obama touted the voluntary MyRA in his State of the Union Address — but the White House has a lot more to say about retirement this year — and it’s a lot less voluntary. According to a White House fact sheet, the administration is touting a series of retirement tax reform proposals that they claim would give 30 million additional workers access to a workplace savings opportunity.
They are proposing:
- Requiring employers with more than 10 employees that do not currently offer a workplace retirement plan to automatically enroll their workers in an IRA. These auto-IRAs would let workers opt out of saving if they choose but, according to the White House, would “…let them start saving without sorting through a host of complex options.”
Access the fact sheet here.