According to the Internal Revenue Service, an estimated 79 million U.S. workers are not participating in a retirement plan in their workplace, despite a recent AARP survey that revealed 76 percent of Americans 50 and older would like one.
Through new legislation, "The Automatic IRA Act," Congress proposes a plan that would allow more than 50 million workers to save automatically through payroll deduction. Employees would be automatically enrolled and build savings with contributions from every pay check. Another benefit of the plan, called portability, allows employees to take the savings from employer to employer.
To qualify businesses must have at least ten employees and have been in operation for at least two years. For more information, visit: www.aarp.org.
