President Obama released his 2010 government budget in February. In it, he proposed that all employees who don’t have access to workplace pension plans be automatically enrolled in a direct-deposit IRA. For families that earn less than $65,000, a 50 percent match on the first $1000 would also be provided. Employees who don’t wish to participate may opt out.
The GOP, however, has different plans to try to help retirement savers, which include blocking efforts to introduce government-run retirement accounts. The GOP Savings Recovery Solutions Group, a House Republican group led by John Boehner of Ohio, yesterday released a blueprint for the Savings Recovery Act, which includes ideas such as:
Tell us, will these ideas help retirement savers weather the recession?