H.R. 7293, titled the "Automatic IRA Act of 2024," aims to amend the Internal Revenue Code to establish rules for automatic contribution retirement plans and arrangements. This bill mandates employers to offer automatic IRA arrangements that meet specific notice, eligibility, contribution,...
Simple Explanation
H.R. 7293 is about making it easier for people to save money for when they are older by having their jobs automatically put money into special savings accounts. It also wants to give small businesses some reward money to help with this, but they might face some money penalties if they don't follow the rules.