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Easier Retirement Savings Access and Improved Plan Management

This act aims to simplify access to retirement plans, especially for employees of small businesses and non-profit organizations, by streamlining rules for multiple employer plans. It also introduces changes that help employers correct errors in automatic enrollment features and increases flexibility in adjusting benefit accruals.
Key points
More businesses, including non-profits, can offer shared retirement plans (403(b)) to employees, making it easier to save for the future.
Employers gain more time to make changes to retirement plans that increase benefits for employees, even after the tax year ends.
Easier correction of minor errors in automatic retirement plan enrollments, protecting employees from lost savings.
Small businesses can more easily claim tax credits for retirement plan startup costs, even when joining an existing plan.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_S_1703
Sponsor: Sen. Grassley, Chuck [R-IA]
Process start date: 2021-05-19
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Improving Access to Retirement Savings Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_1703.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-05-19.

What are the main provisions?

Key points include:

  • More businesses, including non-profits, can offer shared retirement plans (403(b)) to employees, making it easier to save for the future.
  • Employers gain more time to make changes to retirement plans that increase benefits for employees, even after the tax year ends.
  • Easier correction of minor errors in automatic retirement plan enrollments, protecting employees from lost savings.
  • Small businesses can more easily claim tax credits for retirement plan startup costs, even when joining an existing plan.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Grassley, Chuck [R-IA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

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