To amend the Internal Revenue Code of 1986 to establish an exception for multiemployer plan participants to the requirements for automatic enrollment.
Retirement Plans: Automatic Enrollment Exception
This bill is currently in the early stages of the legislative process and is being reviewed by the House Committee on Ways and Means. No further actions are scheduled at this time, and the bill is not moving forward. There is no companion bill listed for this proposal.
Legislative Progress
This bill has support from both Republicans and Democrats, which helps it move through Congress. It will likely need to be part of a larger tax or retirement bill to pass.
Key Points
- This bill changes the rules for retirement plans shared by several different companies, which are common in trades like construction. It would stop the government from requiring these plans to automatically sign up new workers for savings accounts.
- Currently, federal law requires many new retirement plans to automatically take money from a worker's paycheck for savings unless the worker says no. This bill would allow these specific group plans to skip that requirement.
- The change is meant to help industries where workers move frequently between different employers who all use the same retirement fund. It treats these plans similarly to how church retirement plans are handled under current law.
- If this becomes law, the new rules would apply to tax years starting after December 31, 2024. This means the change could affect how workers are enrolled in their benefits starting very soon.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the House Committee on Ways and Means.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
To amend the Internal Revenue Code of 1986 to establish an exception for multiemployer plan participants to the requirements for automatic enrollment.
Data Sources
Sponsor
Cosponsors
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