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March 10, 2009
Obama Proposes Requirement for Automatic Enrollment in Retirement Plans

President Barack Obama's budget request for fiscal year 2010 includes a proposal that would require automatic enrollment in retirement plans.

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Obama says a requirement for automatic enrollment in retirement plans would boost the number of Americans saving for retirement and increase the amount that Americans are saving.\If an employer doesn't currently offer a retirement plan, the employer would be required to enroll employees in a direct-deposit IRA account. Employees would be able to opt-out of retirement plan.

In the budget request, Obama also proposed increased funding for the Occupational Safety and Health Administration and Wage and Hour Division to ensure that employers are complying with workplace laws and regulations.

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