New Bill Renews Push for Companies to Sponsor Retirement Plans

House Democrats have proposed legislation that would require companies to begin sponsoring a workplace retirement savings plan, automatically triggering new savings accounts for a majority of US workers.

The Automatic IRA Act of 2024, introduced Wednesday by House Ways and Means Committee ranking member Richard Neal (D-Mass.), would require companies with more than 10 employees to begin automatically enrolling them in payroll-deduction individual retirement savings accounts or other qualified savings plans such as 401(k)s.

Unlike similar bipartisan legislation that languished at the committee level in 2022 and 2023, Neal’s new bill would allow employers or their workers to select the ...