Sens. Gordon Smith (R-OR) and Kent Conrad (D-ND) announced yesterday their plans to introduce a Retirement Savings and Security Act, which they could unveil as early as next week. The purpose of the bill is to promote automatic enrollment of workers into company 401(k) plans, in order to minimize the risk of future generations outliving their retirement income. The bill could possibly produce 5.5 million new 401(k) participants over the next five years. The bill would also make changes to the saver's credit, a tax credit for low- and moderate-income workers who contribute to retirement plans and IRAs created under the Economic Growth and Tax Relief Reconciliation Act of 2001. Conrad said, "We think this can and will be passed this year."