“Since 2010, the U.S. Treasury Department and the Department of Labor have been holding combined hearings on various plans designed to introduce government-mandated retirement plans and investment options, including government annuities invested primarily in U.S. Treasury debt, into the private retirement savings market. With the issuance of the White House 256-page Budget Proposal for Fiscal Year 2013, the Obama administration endorsed ‘Automatic IRAs,’ in which private companies would be automatically enrolled into government-mandated IRAs, forcing those businesses to contribute on behalf of their employees unless an employee opts out.”
