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WAYS AND MEANS HOLDS IRA HEARINGS
June 30, 2008
The House Ways and Means Committee is pondering IRAs. The recently-revived Benefits Blog reports:
The bottom-line, of course, is that people generally aren't saving enough, small employers are not offering retirement plan vehicles for their employees, and Congress is looking at ways to encourage savings. It is no surprise that the GAO Report indicates IRAs are being used primarily as a "parking spot" for individual rollovers from employer-sponsored retirement plans, rather than as a savings vehicle. However, mandating that small employers must offer some type of automatic IRA program, as discussed in the hearing, is definitely not the answer.
She's right, of course.
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