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Obama’s Budget Pushes Auto-IRAs, Voices Support for DOL

January 29, 2016

January 28, 2016 |By Alex Padalka |Financial Advisor IQ

This week, President Barack Obama unveiled provisions in his upcoming budget proposal to automate retirement saving plans and reiterated his support for the Department of Labor’s fiduciary rule – two measures the industry continues to fight by any means necessary, according to news reports.

Obama’s proposed budget includes $100 million slated for exploring ways to make retirement benefits portable and available to part-time and self-employed workers, the Wall Street Journal reports. The strategy is aimed at encouraging retirement saving in an era when 401(k)s and IRAs have replaced pension plans and one-in-three American workers don’t have access to employer-provided plans, according to the White House, the Journal writes.

 

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