Ascensus’ Statement of Support for Representative Neal’s Auto IRA Bill
Representative Neal’s Automatic IRA Act of 2024 provides a practical solution for closing the retirement savings gap that affects millions of underserved workers. The proposal applies an automatic enrollment feature similar to state-facilitated auto IRA programs. This will enhance private-sector offerings, providing more people with the opportunity to save and removing barriers to plan adoption by small employers. And, by allowing contributions to be made to Roth IRAs, more individuals will have access to tax-free income to help pay for emergency expenses or enhance their retirement savings. Ascensus supports this common-sense approach toward meeting the challenges that many face when saving for retirement.