In his State of the Union address Jan. 27, President Barack Obama will propose the creation of a new employer-sponsored retirement account: the “automatic workplace IRA.”

The new IRAs are designed for employers that do not currently offer a retirement savings plan. Under the plans, which would be voluntary, employees would be automatically enrolled in a direct-deposit IRA unless the employee opts out. Contributions would be matched by the Saver’s Tax Credit for eligible families.

The proposed IRAs were among five policy initiatives proposed by the White House “Middle Class Task Force,” led by Vice President Joe Biden and announced in a White House statement Jan. 25. The president plans to announce all five initiatives in his annual address, and formally propose them next month.

The other four initiatives would nearly double the Child and Dependent Care Tax Credit for families earning below $85,000 a year; limit federal student loan payments to 10% of a student’s income, expand the Saver’s Tax Credit and “expand support for families balancing work with caring for elderly relatives.”

A White House fact sheet describing the initiatives also touted the Obama administration’s focus on 401(k) plans. Elements of this focus include improving the transparency of 401(k) fees, encouraging plan sponsors to make unbiased investment advice available to employees while guarding against conflicts of interest, promoting the availability of annuities and other forms of guaranteed retirement income, and “reviewing and requiring clear disclosure regarding target-date funds.”