Auto enrollment proposed for IRAs

A bill that calls for many small businesses to automatically enroll their employees in IRAs was introduced recently. Called The Automatic IRA Act of 2007, S 1141 would require companies that have been in business for at least two years and have more than 10 employees to allow direct-deposit payroll deductions to an IRA. The measure would give affected businesses temporary tax credits to offset administrative costs. Introduced by Sen. Jeff Bingaman, D-N.M., the bill was referred to the Senate Finance Committee. For more details, http://thomas.loc.gov