Mandatory IRAs May Burden Small Employers, Business Group Says
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Mandatory IRAs May Burden Small Employers, Business Group Says
By Margaret Collins and Alexis Leondis
U.S. President Barack Obama’s effort to increase retirement savings by requiring all businesses to offer automatic IRA accounts may face opposition from small companies, says a Washington-based trade group.
Obama said the plan, part of a tax package aimed at middle- income Americans proposed today, would let employees automatically enroll in direct-deposit retirement accounts and expand matching tax credits. The administration hasn’t released a cost estimate.
“When small businesses are struggling to stay afloat, we oppose mandates such as this that stand to create a new administrative burden,” said Molly Brogan, vice president of public affairs for the National Small Business Association, in an e-mailed statement.
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