To amend the Internal Revenue Code of 1986 to establish an exception for multiemployer plan participants to the requirements for automatic enrollment.

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.