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Article: Coming soon to a workplace near you: A mandated automatic IRA.(Retirement Planning)

Article from:
Employee Benefit News
Article date:
November 1, 2009
Copyright

Byline: Mark Nadler

President Obama's 2010 budget envisions the future establishment of a system of automatic workplace pensions, on top of and clearly outside Social Security. Assuming the automatic workplace pension comes to fruition - and I think it will - all businesses must automatically enroll all employees in their retirement or savings plan.

The beginning salvo in this effort is a proposal to enroll all employees in their company's workplace pension, with a provision to opt out, and a mandate for employers without a retirement program to enroll their employees in a direct-deposit IRA account that is compatible with existing direct-deposit payroll ...

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