BizSugar.com › Employee Benefits › Obama wants "automatic" IRAs for all workers

President Obama is seeking to establish automatic retirement accounts for all workers under his fiscal-2010 budget proposal submitted to Congress yesterday.

Under the plan, all employers that didn't offer retirement plans would be forced to enroll employees in direct-deposit individual retirement accounts unless workers chose not to participate. The provision is intended “to make our savings more effective and more progressive,” a senior official with the Department of the Treasury said Thursday at a press briefing. He asked not to be identified.