I 

112TH CONGRESS 

2D SESSION H. R. 4049 

To amend the Internal Revenue Code of 1986 to expand personal saving 

and retirement savings coverage by enabling employees not covered by 

qualifying retirement plans to save for retirement through automatic 

IRA arrangements, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 16, 2012 

Mr. NEAL (for himself and Mr. BLUMENAUER) introduced the following bill; 

which was referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to 

be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee 

concerned 

A BILL 

To amend the Internal Revenue Code of 1986 to expand 

personal saving and retirement savings coverage by enabling employees not covered by qualifying retirement 

plans to save for retirement through automatic IRA arrangements, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE; REFERENCE. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Automatic IRA Act of 2012’’. 


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1 (b) AMENDMENT OF 1986 CODE.—Except as other2 wise expressly provided, whenever in this Act an amend3 ment or repeal is expressed in terms of an amendment 

4 to, or repeal of, a section or other provision, the reference 

5 shall be considered to be made to a section or other provi6 sion of the Internal Revenue Code of 1986. 

7 SEC. 2. EMPLOYEES NOT COVERED BY QUALIFYING RE8 TIREMENT PLANS OR ARRANGEMENTS ENTI9 TLED TO PARTICIPATE IN AUTOMATIC IRA 

10 ARRANGEMENTS. 

11 (a) IN GENERAL.—Subpart A of part I of subchapter 

12 D of chapter 1 (relating to pension, profit-sharing, stock 

13 bonus plans, etc.) is amended by inserting after section 

14 408A the following new section: 

15 ‘‘SEC. 408B. RIGHT TO AUTOMATIC IRA ARRANGEMENTS AT 

16 WORK. 

17 ‘‘(a) REQUIREMENT TO PROVIDE AUTOMATIC IRA 

18 ARRANGEMENT.—Each covered employer shall make 

19 available to each qualifying employee of the employer for 

20 the calendar year an automatic IRA arrangement. 

21 ‘‘(b) COVERED EMPLOYER.—For purposes of this 

22 section— 

23 ‘‘(1) IN GENERAL.—Except as otherwise pro24 vided in this subsection or subsection (c)(2), the 

25 term ‘covered employer’ means, with respect to any 


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1 year, an employer which does not maintain a quali2 fying plan or arrangement described in section 

3 219(g)(5) for the calendar year. 

4 ‘‘(2) EXCLUDED PLANS.—A qualifying plan or 

5 arrangement shall not be taken into account for pur6 poses of paragraph (1) if— 

7 ‘‘(A) the plan or arrangement is frozen as 

8 of the first day of the preceding calendar year, 

9 or 

10 ‘‘(B) in the case of a plan or arrangement 

11 under which the only contributions are discre12 tionary on the part of the employer or other 

13 plan sponsor, no employer contribution has 

14 been made to the plan or arrangement for the 

15 2-plan-year period ending with the last plan 

16 year ending in the second preceding calendar 

17 year and it is not reasonable to assume that an 

18 employer contribution will be made for the last 

19 plan year ending in the preceding calendar 

20 year. 

21 ‘‘(3) EXCEPTION FOR CERTAIN SMALL AND

22 NEW EMPLOYERS.— 

23 ‘‘(A) IN GENERAL.—The term ‘covered em24 ployer’ does not include an employer for a cal25 endar year if the employer either— 


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1 ‘‘(i) did not employ more than 10 em2 ployees who received at least $5,000 of 

3 compensation (as defined in section 

4 3401(a)) from the employer for the pre5 ceding calendar year, 

6 ‘‘(ii) did not normally employ more 

7 than 10 employees on a typical business 

8 day of the preceding calendar year, or 

9 ‘‘(iii) was not in existence at all times 

10 during the calendar year and the preceding 

11 calendar year. 

12 ‘‘(B) OPERATING RULES.—In determining 

13 the number of employees for purposes of sub14 paragraph (A)— 

15 ‘‘(i) rules consistent with any rules 

16 applicable in determining the number of 

17 employees for purposes of section 

18 408(p)(2)(C) and section 4980B(d) shall 

19 apply, 

20 ‘‘(ii) all members of the same family 

21 (within the meaning of section 318(a)(1)) 

22 shall be treated as 1 individual, and 

23 ‘‘(iii) any reference to an employer 

24 shall include a reference to any predecessor 

25 employer. 


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1 ‘‘(4) EXCEPTION FOR GOVERNMENTS AND

2 CHURCHES.—The term ‘covered employer’ does not 

3 include— 

4 ‘‘(A) a government or entity described in 

5 section 414(d), or 

6 ‘‘(B) a church or a convention or associa7 tion of churches which is exempt from tax 

8 under section 501. 

9 ‘‘(5) AGGREGATION RULE.—All persons treated 

10 as a single employer under subsection (a) or (b) of 

11 section 52 or subsection (m) or (o) of section 414 

12 shall be treated as a single employer. 

13 ‘‘(c) QUALIFYING EMPLOYEE.—For purposes of this 

14 section— 

15 ‘‘(1) IN GENERAL.—The term ‘qualifying em16 ployee’ means any employee of the employer who is 

17 not an excluded employee. 

18 ‘‘(2) PLAN SPONSOR’S EMPLOYEES.—If— 

19 ‘‘(A) an employer maintains one or more 

20 qualifying plans or arrangements described in 

21 section 219(g)(5), and 

22 ‘‘(B) the employees of a subsidiary, divi23 sion, or other major business unit are generally 

24 not eligible to participate in any such qualifying 

25 plan or arrangement, 


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1 then, for purposes of this section, the employer shall 

2 be treated as a covered employer with respect to 

3 such employees (other than excluded employees), 

4 and such employees (other than excluded employees) 

5 shall be treated as qualifying employees, but only if 

6 there are 50 or more ineligible employees of such 

7 subsidiary, division or other major business unit con8 stituting at least 10 percent of the employees of the 

9 employer (other than excludable employees). 

10 ‘‘(3) EXCLUDED EMPLOYEES.— 

11 ‘‘(A) IN GENERAL.—The term ‘excluded 

12 employee’ means an employee of the employer 

13 who is an excludable employee and who is in a 

14 class or category that the employer excludes 

15 from treatment as qualifying employees. 

16 ‘‘(B) EXCLUDABLE EMPLOYEE.—The term 

17 ‘excludable employee’ means— 

18 ‘‘(i) any employee described in section 

19 410(b)(3), 

20 ‘‘(ii) any employee who has not at21 tained the age of 18 before the beginning 

22 of the calendar year, 

23 ‘‘(iii) any employee who has not com24 pleted at least 3 months of service with the 

25 employer, 


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1 ‘‘(iv) in the case of an employer that 

2 maintains a qualifying plan or arrange3 ment which excludes employees who have 

4 not satisfied the minimum age and service 

5 requirements for participation in the plan, 

6 any employee who has not satisfied such 

7 requirements, 

8 ‘‘(v) in the case of an employer that 

9 maintains a section 403(b) annuity con10 tract (including a custodial account or re11 tirement income account), any employee 

12 who is permitted to be excluded from any 

13 salary reduction arrangement under the 

14 contract pursuant to section 403(b)(12), 

15 ‘‘(vi) in the case of an employer that 

16 maintains an arrangement described in 

17 section 408(p), any employee who is not 

18 required to be eligible to participate in the 

19 arrangement under section 408(p)(4), and 

20 ‘‘(vii) in the case of an employer that 

21 maintains a simplified employee pension 

22 described in section 408(k), any employee 

23 who is permitted to be excluded from par24 ticipation under section 408(k)(2). 


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1 ‘‘(4) GUIDANCE.—The Secretary shall issue 

2 regulations or other guidance to carry out this sub3 section, including— 

4 ‘‘(A) guidelines for determining the classes 

5 or categories of employees to be covered by an 

6 automatic IRA arrangement, 

7 ‘‘(B) if an employer excludes employees 

8 from the automatic IRA arrangement, guide9 lines providing that the employer shall specify 

10 the classification or categories of employees who 

11 are so excluded, and 

12 ‘‘(C) rules to prevent avoidance of the re13 quirements of this section. 

14 ‘‘(d) AUTOMATIC IRA ARRANGEMENT.—For pur15 poses of this section— 

16 ‘‘(1) IN GENERAL.—The term ‘automatic IRA 

17 arrangement’ means an arrangement of an employer 

18 (determined without regard to whether the employer 

19 is required to maintain the arrangement)— 

20 ‘‘(A) which covers each qualifying employee 

21 of the covered employer for the calendar year, 

22 ‘‘(B) under which a qualifying employee— 

23 ‘‘(i) may elect— 

24 ‘‘(I) to contribute to an indi25 vidual retirement plan, or to purchase 


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1 a qualified retirement bond on behalf 

2 of the employee, by having the em3 ployer deposit payroll deduction 

4 amounts or make other periodic direct 

5 deposits (including electronic pay6 ments) to the plan or to be invested in 

7 retirement bonds (whether to the Sec8 retary of the Treasury or to a des9 ignated trustee or other agent for that 

10 purpose), or 

11 ‘‘(II) to have such payments paid 

12 to the employee directly in cash, 

13 ‘‘(ii) is treated as having made the 

14 election under clause (i)(I) in the amount 

15 specified in paragraph (4) until the indi16 vidual specifically elects not to have such 

17 contributions or purchases made (or spe18 cifically elects to have such contributions 

19 or purchases made at a different percent20 age or in a different amount), and 

21 ‘‘(iii) may elect to modify the manner 

22 in which such amounts are invested for 

23 such year, 


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1 ‘‘(C) which meets the administrative re2 quirements of paragraph (2), including the no3 tice requirement of paragraph (2)(C), and 

4 ‘‘(D) which does not charge unreasonable 

5 additional fees solely on the basis that the bal6 ance in an automatic IRA is small. 

7 ‘‘(2) ADMINISTRATIVE REQUIREMENTS.— 

8 ‘‘(A) PAYMENTS.—The requirements of 

9 this paragraph are met with respect to any 

10 automatic IRA arrangement if the employer 

11 makes the payments elected or treated as elect12 ed under paragraph (1)(B)— 

13 ‘‘(i) on or before the last day of the 

14 month following the month in which the 

15 compensation otherwise would have been 

16 payable to the employee in cash, or 

17 ‘‘(ii) before such later deadline pre18 scribed by the Secretary for making such 

19 payments, but not later than the due date 

20 for the deposit of tax required to be de21 ducted and withheld under chapter 24 (re22 lating to collection of income tax at source 

23 on wages) for the payroll period to which 

24 such payments relate. 


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1 ‘‘(B) TERMINATION OF EMPLOYEE PAR2 TICIPATION.—Subject to a requirement for rea3 sonable notice, an employee may elect to termi4 nate participation in the arrangement at any 

5 time during a calendar year, except that if an 

6 employee so terminates, the arrangement may 

7 provide that the employee may not elect to re8 sume participation until the beginning of the 

9 next calendar year. 

10 ‘‘(C) NOTICE OF ELECTION PERIOD.—The 

11 requirements of this paragraph shall not be 

12 treated as met with respect to any year unless 

13 the employer notifies each employee eligible to 

14 participate, within a reasonable period of time 

15 before the 30th day before the beginning of 

16 such year (and, for the first year the employee 

17 is so eligible, the 30th day before the first day 

18 such employee is so eligible), of— 

19 ‘‘(i) the payments that may be elected 

20 or treated as elected under paragraph 

21 (1)(B), 

22 ‘‘(ii) the opportunity to make the elec23 tion to terminate participation in the ar24 rangement under paragraph (2)(B), 


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1 ‘‘(iii) the opportunity to make the 

2 election under paragraph (1)(B)(ii) to have 

3 contributions or purchases made at a dif4 ferent percentage or in a different amount, 

5 and 

6 ‘‘(iv) the opportunity under paragraph 

7 (1)(B)(iii) to modify the manner in which 

8 such amounts are invested for such year. 

9 ‘‘(D) EMPLOYER MAY PERMIT EMPLOYEES

10 TO CHOOSE IRA.—Subject to subsection (f), if 

11 the employer so elects, the arrangement pro12 vides that an employee may elect to have con13 tributions made to any individual retirement 

14 plan specified by the employee. 

15 ‘‘(E) EMPLOYER MAY PERMIT EMPLOYEES

16 TO CHOOSE RETIREMENT BOND.—Subject to 

17 subsection (f), if the employer so elects, the ar18 rangement provides that an employee may elect 

19 to have payments applied toward the purchase 

20 of retirement bonds. 

21 ‘‘(3) DEFAULT INVESTMENTS.—If an employee 

22 is treated under clause (ii) of paragraph (1)(B) as 

23 having made an election to participate in an auto24 matic IRA arrangement— 


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1 ‘‘(A) the employee shall be deemed to have 

2 made an election to make contributions and 

3 payments in the amount determined under such 

4 clause, 

5 ‘‘(B) such contributions shall— 

6 ‘‘(i) if the employer has made an elec7 tion under subsection (f)(2), be transferred 

8 to an individual retirement plan of the des9 ignated trustee or issuer but only if the 

10 contributions are invested as provided in 

11 paragraph (5), or 

12 ‘‘(ii) be applied toward the purchase 

13 of a retirement bond. 

14 ‘‘(4) AMOUNT OF CONTRIBUTIONS AND PAY15 MENTS.— 

16 ‘‘(A) IN GENERAL.—The amount specified 

17 in this paragraph is— 

18 ‘‘(i) 3 percent of compensation, or 

19 ‘‘(ii) such other percentage of com20 pensation as is specified in regulations pre21 scribed by the Secretary which is not less 

22 than 2 percent or more than 6 percent. 

23 ‘‘(B) AUTHORITY TO PROVIDE FOR PERI24 ODIC INCREASES.—In the case of qualifying em25 ployees under an automatic IRA arrangement 


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1 for 2 or more consecutive years, the Secretary 

2 may by regulation provide for periodic (not 

3 more frequent than annual) increases in the 

4 percentage of compensation an employee is 

5 deemed to have elected under subparagraph 

6 (A). The considerations the Secretary shall take 

7 into account in issuing any regulations under 

8 this subparagraph and subparagraph (A) shall 

9 include the potential effects on lower-income 

10 employees as well as on adequacy of savings. 

11 ‘‘(C) PERMITTED ADDITIONAL PROCE12 DURES TO LIMIT CONTRIBUTIONS.—An em13 ployer— 

14 ‘‘(i) shall have no responsibility for 

15 any calendar year for determining whether, 

16 or ensuring that, the contributions with re17 spect to any employee do not exceed the 

18 deductible amount in effect for taxable 

19 years beginning in the calendar year under 

20 section 219(b)(5) (determined without re21 gard to subparagraph (B) thereof), and 

22 ‘‘(ii) shall not be treated as failing to 

23 satisfy the requirements of this section or 

24 any other provision of this title merely be25 cause the employer chooses to limit the 


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1 contributions under this subsection on be2 half of a qualifying employee for any cal3 endar year in a manner reasonably de4 signed to avoid exceeding such deductible 

5 amount. 

6 ‘‘(5) REQUIRED INVESTMENTS.— 

7 ‘‘(A) IN GENERAL.—Amounts contributed 

8 under paragraph (3)(B)(i) shall be invested 

9 only in the class of assets or funds described in 

10 subparagraph (B) unless the employer elects a 

11 class of assets or funds described in subpara12 graph (C) or (D). 

13 ‘‘(B) TARGET DATE/LIFECYCLE OPTION.— 

14 The class of assets or funds described in this 

15 subparagraph is the class of assets or funds 

16 that constitutes a qualified default investment 

17 alternative under Department of Labor regula18 tion section 2550.404c–5(e)(4)(i). 

19 ‘‘(C) PRINCIPAL PRESERVATION.—The 

20 class of assets or funds described in this sub21 paragraph is the class of assets or fund that is 

22 designed to protect the principal of the indi23 vidual on an ongoing basis, including passbook 

24 savings, certificates of deposit, insurance con25 tracts, mutual funds, United States savings 


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1 bonds (which may be indexed for inflation), and 

2 similar assets specified in regulations. 

3 ‘‘(D) BALANCED OPTION.—The class of 

4 assets or funds described in this subparagraph 

5 is the class of assets or funds that constitutes 

6 a qualified default investment alternative under 

7 Department of Labor regulation section 

8 2550.404c–5(e)(4)(ii). 

9 ‘‘(6) COORDINATION WITH WITHHOLDING.— 

10 The Secretary shall modify the withholding exemp11 tion certificate under section 3402(f) so that, in the 

12 case of any qualifying employee covered under an 

13 automatic IRA arrangement, any notice and election 

14 requirements with respect to the arrangement may 

15 be met through the use of an attachment to such 

16 certificate or other modifications of the withholding 

17 exemption procedures. 

18 ‘‘(7) TREATMENT AS IRA.—A qualifying em19 ployee for whom an automatic IRA is established 

20 under paragraph (1) may elect, at such time and in 

21 such manner and form as the Secretary may pre22 scribe, whether to treat the individual retirement 

23 plan as described, or not described, in section 408A. 

24 If no such election is made, the plan shall be treated 


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1 as described in section 408A and shall meet the re2 quirements of section 408A. 

3 ‘‘(8) EMPLOYER’S OPTION TO OBTAIN AFFIRMA4 TIVE ELECTIONS FROM EMPLOYEES INSTEAD OF

5 AUTOMATIC ENROLLMENT.—As an alternative to 

6 automatic enrollment, an employer may choose to 

7 comply with subsection (d)(1)(B)(ii) by notifying 

8 employees that the employer wishes to obtain from 

9 each qualifying employee an affirmative election ei10 ther to contribute or not to contribute to an auto11 matic IRA, provided that any qualifying employee 

12 who fails to make such an election is treated in the 

13 manner provided under subsection (d)(1)(B)(ii). 

14 ‘‘(e) AUTOMATIC IRA CONTRIBUTIONS AND RETIRE15 MENT BOND PURCHASES TREATED LIKE OTHER CON16 TRIBUTIONS TO INDIVIDUAL RETIREMENT PLANS.— 

17 ‘‘(1) TAX TREATMENT UNAFFECTED.—The fact 

18 that a contribution to an individual retirement plan 

19 or purchase of a retirement bond is made on behalf 

20 of an employee under an automatic IRA arrange21 ment instead of being made directly by the employee 

22 shall not affect the deductibility or other tax treat23 ment of the contribution or of other amounts under 

24 this title. 


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1 ‘‘(2) PAYROLL SAVINGS CONTRIBUTIONS TAKEN

2 INTO ACCOUNT.—Any contribution to an individual 

3 retirement plan or purchase of a retirement bond 

4 made on behalf of an employee under an automatic 

5 IRA arrangement shall be taken into account in ap6 plying the limitations on contributions to individual 

7 retirement plans and the other provisions of this 

8 title applicable to individual retirement plans as if 

9 the contribution or purchase had been made directly 

10 by the employee. 

11 ‘‘(f) DEPOSITS TO PLANS OF A DESIGNATED TRUST12 EE OR ISSUER AND FOR RETIREMENT BONDS.— 

13 ‘‘(1) IN GENERAL.—An employer shall not be 

14 treated as failing to satisfy the requirements of this 

15 section or any other provision of this title merely be16 cause the employer makes all contributions (or all 

17 contributions on behalf of employees who do not 

18 specify an individual retirement plan, trustee, or 

19 issuer to receive the contributions) to individual re20 tirement plans specified in paragraph (2) or to the 

21 Secretary or his agent for the purchase of retirement 

22 bonds specified in paragraph (3). 

23 ‘‘(2) INDIVIDUAL RETIREMENT PLANS OTHER

24 THAN THOSE SELECTED BY EMPLOYEE.—An em25 ployer may elect to have contributions for all qualiVerDate Mar 15 2010 04:16 Feb 17, 2012 Jkt 019200 PO 00000 Frm 00018 Fmt 6652 Sfmt 6201 E:\BILLS\H4049.IH H4049

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1 fying employees participating in an automatic IRA 

2 arrangement made to individual retirement plans of 

3 a trustee or issuer under the arrangement that has 

4 been designated by the employer. The preceding sen5 tence shall not apply unless each participant is noti6 fied in writing that the participant’s balance may be 

7 transferred without cost or penalty to another indi8 vidual retirement plan established by or on behalf of 

9 the participant. 

10 ‘‘(3) RETIREMENT BONDS.— 

11 ‘‘(A) IN GENERAL.—The Secretary shall 

12 provide that contributions deposited under sub13 paragraph (B) shall be applied to the purchase 

14 of a retirement bond in the name of each appli15 cable employee. 

16 ‘‘(B) PAYROLL DEPOSIT FEATURES.—The 

17 Secretary shall establish procedures so that con18 tributions may be applied to the purchase of re19 tirement bonds without undue administrative or 

20 paperwork requirements on participating em21 ployers. Such procedures shall ensure that only 

22 1 such retirement bond of each type (traditional 

23 or Roth) is issued for each TIN. 


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1 ‘‘(4) PAYROLL TAX DEPOSIT PROCEDURE.—The 

2 procedures the Secretary shall establish may include 

3 a procedure under which an employer— 

4 ‘‘(A) may include with each deposit of tax 

5 required to be deducted and withheld under 

6 chapter 24 the aggregate amounts, for the pe7 riod covered by the deposit, which qualifying 

8 employees have designated under subsection 

9 clause (i)(I) of subsection (d)(1)(B) (or are 

10 deemed to have designated under clause (ii) of 

11 such subsection) as contributions to purchase 

12 retirement bonds on behalf of the employees 

13 under paragraph (3), and 

14 ‘‘(B) specifies, in such manner as the Sec15 retary may prescribe, information needed to 

16 purchase retirement bonds on behalf of each ap17 plicable employee for whom a contribution is to 

18 be made, including— 

19 ‘‘(i) the employee’s name and TIN, 

20 and 

21 ‘‘(ii) the amount of the contribution. 

22 ‘‘(5) PURPOSES.—The purposes of the retire23 ment bond program established under this sub24 section and subsection (g) include— 


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1 ‘‘(A) providing new savers a convenient, 

2 low-cost investment option suitable for the ini3 tial accumulation of small automatic IRA con4 tributions, 

5 ‘‘(B) to reflect the intent that the long6 term investment of automatic IRA funds for 

7 most savers be in the private market rather 

8 than in retirement bonds, encouraging and as9 sisting individuals who accumulate larger 

10 amounts in retirement bonds to transfer those 

11 funds to individual retirement plans in the pri12 vate market, while 

13 ‘‘(C) permitting individuals to remain in14 vested in retirement bonds if they choose to do 

15 so. 

16 ‘‘(6) REGULATIONS.—The Secretary may issue 

17 such regulations as are necessary to carry out the 

18 purposes of this subsection and subsection (g), in19 cluding— 

20 ‘‘(A) establishment of procedures to com21 municate to individuals the importance of in22 vestment diversification and the transfer option 

23 described in subparagraph (B), 

24 ‘‘(B) simplified procedures under which 

25 holders of retirement bonds may periodically 


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1 choose to have the bonds or their proceeds 

2 transferred to available individual retirement 

3 plans, and 

4 ‘‘(C) means by which individuals may elect 

5 (or be treated as electing) whether to have re6 tirement bonds or their proceeds so transferred. 

7 Any such transfer shall be treated as a rollover con8 tribution for purposes of section 408(d)(3) (other 

9 than subparagraph (B) thereof). 

10 ‘‘(g) RETIREMENT BOND.— 

11 ‘‘(1) RETIREMENT BOND.—The term ‘retire12 ment bond’ means a bond issued under chapter 31 

13 of title 31, which by its terms, or by regulations pre14 scribed by the Secretary under such chapter— 

15 ‘‘(A) provides for interest to be credited at 

16 rates that take into account the expected dura17 tion of the funds invested in retirement bonds 

18 and at rates determined or adjusted in a man19 ner and with sufficient frequency to provide 

20 substantial protection from inflation, 

21 ‘‘(B) is not transferable, and 

22 ‘‘(C) is designed for investment for retire23 ment under automatic IRA arrangements or 

24 other savings vehicles. 


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1 ‘‘(2) INDIVIDUAL RETIREMENT PLAN RULES AP2 PLICABLE.—The provisions of this title applicable to 

3 an individual retirement plan (as defined in section 

4 7701(a)(37)), including provisions relating to con5 tributions, holding and distributions, shall apply to 

6 a retirement bond, except as determined by the Sec7 retary. 

8 ‘‘(3) ANNUAL STATEMENT.—As soon as prac9 ticable after the close of the calendar year, the Sec10 retary shall make available an annual statement to 

11 each participant setting forth— 

12 ‘‘(A) payments made by or on behalf of the 

13 participant for the retirement bond, 

14 ‘‘(B) amounts earned by the retirement 

15 bond, 

16 ‘‘(C) the value of the account as of the 

17 close of such calendar year, 

18 ‘‘(D) the importance of diversifying retire19 ment savings, 

20 ‘‘(E) the benefits of a well-balanced and di21 versified investment portfolio, 

22 ‘‘(F) a notice of the internet website of the 

23 Department of Labor for sources of information 

24 on individual investing and diversification, 


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1 ‘‘(G) the procedures for redeeming a re2 tirement bond and directly transferring the re3 deemed amount into an individual retirement 

4 plan, 

5 ‘‘(H) other factors affecting retirement 

6 savings decisions, and 

7 ‘‘(I) such other information as the Sec8 retary determines necessary or appropriate. 

9 ‘‘(h) MODEL NOTICE.—The Secretary shall— 

10 ‘‘(1) provide a model notice, written in a man11 ner calculated to be understandable to the average 

12 worker, that is simple for employers to use— 

13 ‘‘(A) to notify employees of the require14 ment under this section for the employer to pro15 vide certain employees with the opportunity to 

16 participate in an automatic IRA arrangement, 

17 and 

18 ‘‘(B) to satisfy the requirements of sub19 section (d)(2)(C), 

20 ‘‘(2) provide uniform forms for enrollment, in21 cluding automatic enrollment, in an automatic IRA 

22 arrangement, and 

23 ‘‘(3) establish a website or other electronic 

24 means that small employers can access and use to 


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1 obtain information on automatic IRA arrangements 

2 and to obtain required notices and forms. 

3 The information referred to in paragraph (3) shall 

4 be provided in a manner designed to assist employ5 ers and providers by facilitating the identification by 

6 employers of private-sector providers of individual 

7 retirement plans and associated investment options 

8 that are appropriate for use in automatic IRA ar9 rangements. 

10 ‘‘(i) CROSS REFERENCE.—For provision preempting 

11 conflicting State laws, see section 2(k) of the Automatic 

12 IRA Act of 2012.’’. 

13 (b) MANDATORY TRANSFERS.—Section 

14 401(a)(31)(B) is amended— 

15 (1) by inserting ‘‘(including an automatic IRA 

16 arrangement)’’ after ‘‘individual retirement plan’’ 

17 each place it appears, and 

18 (2) by adding at the end the following new sen19 tence: ‘‘Any amount so transferred (and any earn20 ings thereon) shall be invested in a default invest21 ment described in section 408B(d)(5).’’. 

22 (c) PENALTY FOR FAILURE TO TIMELY REMIT CON23 TRIBUTIONS TO AUTOMATIC IRA ARRANGEMENTS.—Sec24 tion 4975(c) is amended by adding at the end the fol25 lowing new paragraph: 


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1 ‘‘(7) SPECIAL RULE FOR AUTOMATIC IRA AR2 RANGEMENTS.—For purposes of paragraph (1), if 

3 an employer is required under an automatic IRA ar4 rangement under section 408B to deposit amounts 

5 withheld from an employee’s compensation into an 

6 automatic IRA or toward the purchase of a retire7 ment bond but fails to do so within the time pre8 scribed under section 408B(d)(2)(A), such amounts 

9 shall be treated as assets of the automatic IRA.’’. 

10 (d) COORDINATION WITH EMPLOYEE RETIREMENT

11 INCOME SECURITY ACT OF 1974.— 

12 (1) EXEMPTION.— 

13 (A) IN GENERAL.—Section 3(2) of the 

14 Employee Retirement Income Security Act of 

15 1974 (29 U.S.C. 1002(2)) is amended— 

16 (i) by inserting ‘‘or (C)’’ after ‘‘sub17 paragraph (B)’’ in subparagraph (A), and 

18 (ii) by adding at the end the following 

19 new subparagraph: 

20 ‘‘(C) An automatic IRA arrangement de21 scribed in section 408B(d) of the Internal Rev22 enue Code of 1986 shall not be treated as an 

23 employee pension benefit plan or pension plan 

24 if, under the arrangement, contributions are to 

25 be made to an automatic IRA the provider of 


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1 which is included in the website list established 

2 under section 408B(h)(3) of such Code, are to 

3 be made to an individual retirement plan des4 ignated by the employee, or are to be invested 

5 in retirement bonds (whether to the Secretary 

6 of the Treasury or to a designated trustee or 

7 other agent for that purpose).’’. 

8 (B) CUSTOMER IDENTIFICATION PRO9 GRAM.—Notwithstanding the amendment made 

10 by subparagraph (A), an individual retirement 

11 plan established pursuant to an automatic IRA 

12 arrangement described in section 408B(d) of 

13 the Internal Revenue Code of 1986 shall, for 

14 purposes of any customer identification pro15 gram established under section 5318(l) of title 

16 31, United States Code, be treated as an ac17 count opened for the purpose of participating in 

18 an employee benefit plan established under the 

19 Employee Retirement Income Security Act of 

20 1974. 

21 (2) FIDUCIARY DUTIES.—Section 404(c)(2) of 

22 such Act is amended— 

23 (A) by inserting the following sentence be24 fore the last sentence: ‘‘In the case of an auto25 matic IRA under section 408B of such Code 


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1 that is not exempt under section 3(2)(C), a par2 ticipant or beneficiary shall, for purposes of 

3 paragraph (1), be treated as exercising control 

4 over the assets in the account on and after the 

5 7th day after notice has been given to an em6 ployee that such automatic IRA has been estab7 lished on behalf of the employee.’’, and 

8 (B) by inserting ‘‘or with respect to an 

9 automatic IRA under section 408B of such 

10 Code’’ after ‘‘arrangement’’ in the last sen11 tence. 

12 (e) NOTICE OF AVAILABILITY OF INVESTMENT

13 GUIDELINES.— 

14 (1) IN GENERAL.—Section 408(i) (relating to 

15 reports) is amended by adding at the end the fol16 lowing new sentences: ‘‘Any report furnished under 

17 paragraph (2) to an individual shall include notice of 

18 the internet website of the Department of Labor for 

19 sources of information on individual investing and 

20 diversification.’’. 

21 (2) UPDATE INFORMATION.—Such information 

22 shall be modified (or updated) by the Secretary of 

23 Labor in consultation with the Secretary of the 

24 Treasury and the Chairman of the Securities and 


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1 Exchange Commission to address needed changes 

2 due to the creation of automatic IRAs. 

3 (f) FAILURE TO PROVIDE ACCESS TO PAYROLL SAV4 INGS ARRANGEMENTS.—Chapter 43 (relating to qualified 

5 pension, etc., plans) is amended by adding at the end the 

6 following new section: 

7 ‘‘SEC. 4980J. REQUIREMENTS FOR COVERED EMPLOYERS 

8 TO PROVIDE EMPLOYEES ACCESS TO AUTO9 MATIC IRA ARRANGEMENTS. 

10 ‘‘(a) GENERAL RULE.—There is hereby imposed a 

11 tax on any failure by a covered employer (as defined in 

12 section 408B) to meet the requirements of subsection (d) 

13 for a calendar year. 

14 ‘‘(b) AMOUNT.— 

15 ‘‘(1) IN GENERAL.—The amount of the tax im16 posed by subsection (a) on any failure for any cal17 endar year shall be $100 with respect to each em18 ployee to whom such failure relates. 

19 ‘‘(2) TAX NOT TO APPLY WHERE FAILURE NOT

20 DISCOVERED AND REASONABLE DILIGENCE EXER21 CISED.—No tax shall be imposed by subsection (a) 

22 on any failure during any period for which it is es23 tablished to the satisfaction of the Secretary that the 

24 employer subject to liability for the tax did not know 


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1 that the failure existed and exercised reasonable dili2 gence to meet the requirements of subsection (d). 

3 ‘‘(3) TAX NOT TO APPLY TO FAILURES COR4 RECTED WITHIN 90 DAYS.—No tax shall be imposed 

5 by subsection (a) on any failure if— 

6 ‘‘(A) the employer subject to liability for 

7 the tax under subsection (a) exercised reason8 able diligence to meet the requirements of sub9 section (d), and 

10 ‘‘(B) the employer provides the automatic 

11 IRA arrangement described in section 408B to 

12 each employee eligible to participate in the ar13 rangement by the end of the 90-day period be14 ginning on the first date the employer knew, or 

15 exercising reasonable diligence would have 

16 known, that such failure existed. 

17 ‘‘(4) WAIVER BY SECRETARY.—In the case of a 

18 failure which is due to reasonable cause and not to 

19 willful neglect, the Secretary may waive part or all 

20 of the tax imposed by subsection (a) to the extent 

21 that the payment of such tax would be excessive or 

22 otherwise inequitable relative to the failure involved. 

23 ‘‘(c) PROCEDURES FOR NOTICE.—The Secretary may 

24 prescribe and implement procedures for obtaining con25 firmation that employers are in compliance with the reVerDate Mar 15 2010 04:16 Feb 17, 2012 Jkt 019200 PO 00000 Frm 00030 Fmt 6652 Sfmt 6201 E:\BILLS\H4049.IH H4049

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1 quirements of subsection (d). The Secretary, in the Sec2 retary’s discretion, may prescribe that the confirmation 

3 shall be obtained on an annual or less frequent basis, and 

4 may use for this purpose the annual report or quarterly 

5 report for employment taxes, or such other means as the 

6 Secretary may deem advisable. 

7 ‘‘(d) REQUIREMENT TO PROVIDE EMPLOYEE ACCESS

8 TO AUTOMATIC IRA ARRANGEMENTS.—The requirements 

9 of this subsection are met if the employer meets the re10 quirements of section 408B.’’. 

11 (g) WAIVER OF EARLY WITHDRAWAL PENALTY FOR

12 CERTAIN DISTRIBUTIONS FOLLOWING INITIAL ELECTION

13 TO PARTICIPATE IN AUTOMATIC IRA ARRANGEMENT.— 

14 Subsection (t) of section 72 is amended by adding at the 

15 end the following new paragraph: 

16 ‘‘(11) DISTRIBUTION FOLLOWING INITIAL

17 ELECTION TO PARTICIPATE IN AUTOMATIC IRA AR18 RANGEMENT.—Paragraph (1) shall not apply in the 

19 case of a distribution to a qualifying employee made 

20 not later than 90 days after the initial election 

21 under section 408B(d)(1)(B)(ii).’’. 

22 (h) BANKRUPTCY.—Section 522 of title 11, United 

23 States Code, is amended— 

24 (1) in subsection (d)(12) by inserting ‘‘408B,’’ 

25 after ‘‘408A,’’, and 


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1 (2) in subsection (n) by inserting ‘‘, or in an 

2 automatic IRA arrangement described in section 

3 408B,’’. 

4 (i) AUTOMATIC IRA ADVISORY GROUP.— 

5 (1) IN GENERAL.—Not later than 60 days after 

6 the date of enactment of this Act, the Secretary of 

7 the Treasury and the Secretary of Labor shall joint8 ly establish an Automatic IRA Advisory Group (in 

9 this subsection referred to as the ‘‘Advisory 

10 Group’’). The purpose of the Advisory Group shall 

11 be to make recommendations regarding the auto12 matic IRA investment options described in section 

13 408B(d)(5) of the Internal Revenue Code of 1986 

14 and the website described in section 408B(h)(3) of 

15 such Code, including, with respect to automatic IRA 

16 arrangements, the disclosure of information regard17 ing fees and expenses, the use of low-cost investment 

18 options, the appropriate use of electronic methods to 

19 provide notice and disclosure, and such other related 

20 matters as may be determined by the Secretaries. 

21 (2) MEMBERSHIP.—The Advisory Group shall 

22 consist of not more than 15 members and shall be 

23 composed of— 

24 (A) such persons as the Secretaries of the 

25 Treasury and Labor may consider appropriate 


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1 to provide expertise regarding investments for 

2 retirement, including providers of individual re3 tirement accounts and individual retirement an4 nuities described in section 408 or 408A of 

5 such Code, and 

6 (B) one or more representatives of the De7 partment of Labor and of the Department of 

8 the Treasury. 

9 (3) COMPENSATION.—The members of the Ad10 visory Group shall serve without compensation. 

11 (4) ADMINISTRATIVE SUPPORT.—The Depart12 ment of the Treasury and the Department of Labor 

13 shall jointly provide appropriate administrative sup14 port to the Advisory Group, including technical as15 sistance. The Advisory Group may use the services 

16 and facilities of such Departments, with or without 

17 reimbursement, as jointly determined by such De18 partments. 

19 (5) REPORT BY ADVISORY GROUP.—Not later 

20 than 12 months after the date of the enactment of 

21 this Act, the Advisory Group shall submit to the 

22 Secretary of Labor and the Secretary of the Treas23 ury a report containing its recommendations. The 

24 Secretaries may request that the Advisory Group 

25 submit subsequent reports. 


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1 (j) CONFORMING AMENDMENTS.— 

2 (1) The table of sections for subpart A of part 

3 I of subchapter D of chapter 1 is amended by insert4 ing after the item relating to section 408A the fol5 lowing new item: 

‘‘Sec. 408B. Right to automatic IRA arrangements at work.’’. 

6 (2) The table of sections for chapter 43 is 

7 amended by adding at the end the following new 

8 item: 

‘‘Sec. 4980J. Requirements for employers to provide employees access to automatic IRA arrangements.’’. 

9 (k) PREEMPTION OF CONFLICTING STATE LAWS.— 

10 The amendments made by this section shall supersede any 

11 law of a State that would directly or indirectly prohibit 

12 or restrict the establishment or operation of an automatic 

13 IRA arrangement meeting the requirements of section 

14 408B of the Internal Revenue Code of 1986. Nothing in 

15 such amendments shall be construed to impair or super16 sede any State law to the extent it provides a remedy for 

17 the failure to make payroll deposit payments under any 

18 such automatic IRA arrangement within the period re19 quired under such section 408B. 

20 (l) EFFECTIVE DATE.—The amendments made by 

21 this section shall apply to calendar years beginning after 

22 December 31, 2013. 


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1 SEC. 3. CREDIT FOR SMALL EMPLOYERS MAINTAINING 

2 AUTOMATIC IRA ARRANGEMENTS. 

3 (a) IN GENERAL.—Subpart D of part IV of sub4 chapter A of chapter 1 (relating to business related cred5 its) is amended by adding at the end the following new 

6 section: 

7 ‘‘SEC. 45S. SMALL EMPLOYER AUTOMATIC IRA ARRANGE8 MENT. 

9 ‘‘(a) GENERAL RULE.—For purposes of section 38, 

10 in the case of an eligible employer maintaining an auto11 matic IRA arrangement meeting the requirements of sec12 tion 408B (without regard to whether the employer is re13 quired to maintain the arrangement), the small employer 

14 automatic IRA arrangement credit determined under this 

15 section for any taxable year is the amount determined 

16 under subsection (b). 

17 ‘‘(b) AMOUNT OF CREDIT.— 

18 ‘‘(1) IN GENERAL.—The amount of the credit 

19 determined under this section for any taxable year 

20 with respect to an eligible employer shall be the sum 

21 of— 

22 ‘‘(A) $25 multiplied by the number of 

23 qualifying employees (within the meaning of 

24 section 408B(c)) for whom contributions are 

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1 ferred to in subsection (a) for the calendar year 

2 in which the taxable year begins, plus 

3 ‘‘(B) $500 for the taxable year which be4 gins in the first calendar year, and $250 for the 

5 taxable year which begins in the second cal6 endar year, in which the eligible employer main7 tains an automatic IRA arrangement meeting 

8 the requirements of section 408B. 

9 ‘‘(2) LIMITATION.—No more than 10 qualifying 

10 employees may be taken into account under para11 graph (1)(A) for a taxable year. 

12 ‘‘(3) DURATION OF CREDIT.—The credit de13 scribed in paragraph (1)(A) shall apply only for a 

14 taxable year which begins in the first 6 calendar 

15 years in which the eligible employer maintains an 

16 automatic IRA arrangement meeting the require17 ments of section 408B. 

18 ‘‘(4) COORDINATION WITH SMALL EMPLOYER

19 STARTUP CREDIT.— 

20 ‘‘(A) No credit shall be allowed under this 

21 section to the employer for any taxable year if 

22 a credit is determined under section 45E with 

23 respect to the employer for the taxable year. 

24 ‘‘(B) If the eligible employer maintains an 

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1 quirements of section 408B with respect to any 

2 of the first three calendar years for which the 

3 employer could adopt such an arrangement and 

4 subsequently adopts an eligible employer plan 

5 for its employees for any of those years which 

6 it maintains for such third taxable year, then 

7 section 45E(b)(1) shall be applied with respect 

8 to the eligible employer by replacing ‘2 taxable 

9 years’ with ‘3 taxable years’. 

10 ‘‘(c) ELIGIBLE EMPLOYER.—For purposes of this 

11 section, the term ‘eligible employer’ means, with respect 

12 to any calendar year in which the taxable year begins, an 

13 employer which— 

14 ‘‘(1) maintains an automatic IRA arrangement 

15 meeting the requirements of section 408B, 

16 ‘‘(2) on each day during the preceding calendar 

17 year, had no more than 100 employees, and 

18 ‘‘(3) did not maintain a qualifying plan or ar19 rangement (described in section 408B(b)) during the 

20 portion of the calendar year preceding the adoption 

21 of the automatic IRA arrangement and the 2 pre22 ceding calendar years. 

23 ‘‘(d) OTHER RULES.—For purposes of this section, 

24 the rules of section 45E(e) shall apply.’’. 


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1 (b) CREDIT ALLOWED AS PART OF GENERAL BUSI2 NESS CREDIT.—Section 38(b) (defining current year busi3 ness credit) is amended by striking ‘‘plus’’ at the end of 

4 paragraph (35), by striking the period at the end of para5 graph (36) and inserting ‘‘, plus’’, and by adding at the 

6 end the following new paragraph: 

7 ‘‘(37) in the case of an eligible employer (as de8 fined in section 45S(c)) maintaining an automatic 

9 IRA arrangement meeting the requirements of sec10 tion 408B, the small employer automatic IRA ar11 rangement credit determined under section 45S(a).’’. 

12 (c) CLERICAL AMENDMENT.—The table of sections 

13 for subpart D of part IV of subchapter A of chapter 1 

14 is amended by adding at the end the following new item: 

‘‘Sec. 45S. Small employer automatic IRA arrangement.’’. 

15 (d) EFFECTIVE DATE.—The amendments made by 

16 this section shall apply to taxable years beginning after 

17 December 31, 2013. 

18 SEC. 4. STUDIES. 

19 (a) IN GENERAL.—The Secretary of the Treasury 

20 and the Secretary of Labor shall jointly conduct a separate 

21 study of the feasibility and desirability of each of the fol22 lowing: 

23 (1) Extending to automatic IRA arrangements 

24 spousal consent requirements similar to, or based 

25 on, those that apply under the Federal Employees’ 


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1 Thrift Savings Plan, including consideration of 

2 whether modifications of such requirements are nec3 essary to apply them to automatic IRA arrange4 ments. 

5 (2) Promoting the use of low-cost annuities, 

6 longevity insurance, or other guaranteed lifetime in7 come arrangements in automatic IRA arrangements, 

8 including consideration of— 

9 (A) appropriate means of arranging for, or 

10 encouraging, individuals to receive at least a 

11 portion of their distributions in some form of 

12 low-cost guaranteed lifetime income, and 

13 (B) issues presented by possible additional 

14 differences in, or uniformity of, provisions gov15 erning different individual retirement arrange16 ments. 

17 (3) Establishing procedures under which 

18 amounts saved by employees in retirement bonds 

19 would be automatically transferred into alternative 

20 diversified investments provided by the private sector 

21 when employees’ automatic IRA balances reach a 

22 certain dollar level as well as procedures facilitating 

23 employees’ ability to transfer into such private sector 

24 investments. 


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1 (b) STUDY OF CONSOLIDATION OF INDIVIDUAL RE2 TIREMENT PLANS.—The Secretary of the Treasury and 

3 the Secretary of Labor shall jointly conduct a separate 

4 study of the feasibility and desirability of— 

5 (1) using data submitted on investments in in6 dividual retirement accounts and annuities to enable 

7 individuals with multiple such accounts and annu8 ities that include very small amounts to receive peri9 odic notices informing them about the location of 

10 these accounts and how such accounts and annuities 

11 might be consolidated, and 

12 (2) using investment arrangements associated 

13 with automatic IRAs to assist in addressing the 

14 problem of abandoned accounts. 

15 (c) REPORT.—Not later than 18 months after the 

16 date of the enactment of this Act, the Secretaries shall 

17 report the results of each study conducted under this sec18 tion, together with any recommendations for legislative 

19 changes, to the Committees on Finance and Health, Edu20 cation, Labor, and Pensions of the Senate and the Com21 mittees on Ways and Means and Education and the Work22 force of the House of Representatives. 

Æ 


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