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As Congress gears up to start its fall session, Putnam Investments is wasting little time in pressing lawmakers to pass auto-IRA legislation.

AS CONGRESS GEARS up to start its fall session, Putnam Investments is wasting little time in pressing lawmakers to pass auto-IRA legislation. Two bills that were introduced before Congress broke for its summer recess--H.R. 6099, the Automatic IRA Act of 2010, introduced by Richard Neal (D-Massachusetts) and S. 3760, the Automatic IRA Act of 2010, introduced by Jeff Bingaman (D-New Mexico) and cosponsored by John Kerry (D-Massachusetts)--both require that companies with more than 10 workers automatically enroll their employees in a payroll-deduction IRA (known as auto-IRAs) if they are not already covered by an employer-sponsored retirement plan. Putnam says instituting an auto-IRA law would extend retirement savings coverage to the nearly half of all American workers who have no retirement savings plans through their jobs today. The Obama administration has called on Congress to enact an automatic IRA measure, and included a proposal in its FY 2011 budget.

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Title Annotation:NEWS & PRODUCTS
Publication:Investment Advisor
Date:Oct 1, 2010
Words:150
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