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Retirement Savings Flexibility for Small Businesses and Employees.

This act introduces new rules for automatic retirement savings plans, making it easier for small businesses to offer them. It also modifies existing rules to encourage employees to save more for retirement. The goal is to enhance citizens' financial security in old age.
Key points
New flexible rules for small employers to more easily offer automatic retirement savings plans to their employees.
Changes to existing automatic contribution plans that may lead to higher retirement contributions for employees.
A requirement for employees to re-elect every 3 years in certain plans, encouraging active participation or increased contributions.
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Expired
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Additional Information
Print number: 117_S_2602
Sponsor: Sen. Young, Todd [R-IN]
Process start date: 2021-08-04
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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

Retirement Security Flexibility Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_2602.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-08-04.

What are the main provisions?

Key points include:

  • New flexible rules for small employers to more easily offer automatic retirement savings plans to their employees.
  • Changes to existing automatic contribution plans that may lead to higher retirement contributions for employees.
  • A requirement for employees to re-elect every 3 years in certain plans, encouraging active participation or increased contributions.
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. Young, Todd [R-IN].

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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