The Retirement Security Project praised a U.S. Chamber of Commerce commission for recommending legislation that would allow automatic payroll deductions for IRA contributions and make those accounts easier to roll over.
The recommendation, from the chambers Capital Markets Commission on the Regulation of U.S. Capital Markets in the 21st Century, would only apply to employers above a certain size that do not sponsor any retirement plan, Retirement Security Project principals Mark Iwry and David John said in a news release. It would benefit both the U.S. capital markets and employers and employees, the two said in the release.
The panel also recommended giving the SEC more flexibility in enforcing Sarbanes-Oxley and eliminating quarterly earnings estimates, to make U.S. capital markets more competitive with foreign markets.
The Retirement Security Project is a joint research effort sponsored by the Brookings Institution, the Pew Charitable Trusts and Georgetown Universitys Public Policy Institute. Messrs. Iwry and John were not available for comment.