S. 3952 · 109th Congress
Automatic IRA Act of 2006
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BingamanSponsor
Automatic IRA Act of 2006 - Amends the Internal Revenue Code to: (1) require certain small employers who do not offer qualified retirement plans or arrangements to their employees to allow eligible employees to participate in a payroll deposit individual retirement account (IRA) arrangement (automatic IRAs); (2) allow employers who do not have more than 100…
What it does: CRS summary · Introduced in Senate · Sep 27, 2006
Automatic IRA Act of 2006 - Amends the Internal Revenue Code to: (1) require certain small employers who do not offer qualified retirement plans or arrangements to their employees to allow eligible employees to participate in a payroll deposit individual retirement account (IRA) arrangement (automatic IRAs); (2) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing a payroll deposit IRA arrangement; and (3) treat automatic IRAs as individual retirement accounts (and as Roth IRAs) for income tax purposes.
Establishes in the executive branch the TSP II Board to establish policies and procedures relating to payroll deposit IRA arrangements.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Automatic IRA Act of 2006
Latest action (Sep 27, 2006): Read twice and referred to the Committee on Finance.
Policy area: Labor and Employment · Origin: Senate · Introduced: Sep 27, 2006
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.