Individual Retirement Accounts: Government Actions Could Encourage More Employers to Offer IRAs to Employees

Source: Government Accountability Office, GAO-08-890T, June 26, 2008

Congress created individual retirement accounts (IRAs) with two goals: (1) to provide a retirement savings vehicle for workers without employer-sponsored retirement plans, and (2) to preserve individuals’ savings in employer-sponsored retirement plans when they change jobs or retire. Questions remain about IRAs’ effectiveness as a vehicle to facilitate new, or additional, retirement savings. GAO was asked to report on (1) the role of IRAs …

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