Legislation to create an automatic IRA program was introduced by Sens. Jeff Bingaman, D-N.M., and Gordon Smith, R-Ore. The measure would require companies with more than 10 employees to offer a program providing automatic direct deposits to IRA accounts, according to a joint news release. The lawmakers introduced a similar measure last year. The legislation could increase net national savings by nearly $8 billion a year, according to a news release from the Retirement Security Project, a Washington organization that promotes retirement savings.