The automatic IRA provision in the House Ways and Means Committee's tax package "directly conflicts with existing securities laws," the American Securities Association (ASA) told House Ways and Means Committee Chairman Richard Neal, D-Mass., on Wednesday.
"Subtitle B's requirement that qualifying SIMPLE plans and Automatic IRA Arrangements be established by employers without participation by the employee directly conflicts with existing securities laws," Chris Iacovella, ASA's CEO, told Neal in a letter.
"Current securities laws prevent an employer from establishing an IRA on behalf of an individual."
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
