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The House Ways and Means Committee passed by a 22-20 vote late Thursday Rep. Richard Neal’s auto-IRA bill.

The legislation, which is now headed to the House Budget Committee, requires employers that have been in existence for at least two years, do not sponsor a retirement plan, and employ five or more people to automatically enroll those employees in IRAs or 401(k)-type plans. After enrolled, workers could decline to participate or drop out at any time.

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