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Obama's 6 Retirement Proposals

Tuesday, August 20, 2013 - 9:57 AM
From Financial Planning:
When President Obama unveiled his budget for the upcoming fiscal year, which begins on Oct. 1, it represented a wish list.

But advisors should pay close attention to the eventual compromise because there were a number of significant proposals related to retirement savings accounts.

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Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,634
1. Tuesday, August 20, 2013 - 10:10 AM
Under the first paragraph how can it say "or they can opt out" and then:

"In the absence of any election, 3% of an employee’s salary would be contributed to the IRA."

How can they opt out if they are still going to have 3% of their salary contributed to IRA?  This makes no sense to me but maybe I am misunderstanding it.
paoli2paoli21,401 posts since
Aug 10, 2011
Rep Points: 6,135
2. Tuesday, August 20, 2013 - 10:48 AM
I think opting out does count as an "election." You made a choice. If you fail to make any choice, opt out or other, then it would default to the 3%. 
me1004me1004373 posts since
Jan 16, 2010
Rep Points: 2,598