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Auto IRAs on the Way?

The Obama administration is proposing that employees without access to 401(k)s be automatically enrolled in an IRA.

By Janet Aschkenasy | Updated on June 01, 2010

Since many workers don’t have defined-contribution plans like 401(k)s to help them save for retirement, the automatic IRA proposal backed by the Obama administration is “the best idea out there right now” for improving Americans’ savings habits, says employee benefits lawyer Fred Reish of Reish & Reicher in Los Angeles. Substantial evidence shows that people save more with payroll deferral plans, but the Government Accountability Office estimates 40% of U.S. workers are employed by companies that don’t offer such plans–or any plan..

That’s why Reish applauds the auto IRA proposal in the administration’s 2010 budget, reasoning that there should be “almost no cost” to the small and midsize companies that would use it.

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