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Automatic Reenrollment for Retirement Savings Plans

This act introduces changes allowing employees to be automatically re-enrolled in company retirement savings plans, even if they previously opted out. This means that every 1-3 years, employees who stopped saving will be automatically re-included in the program, unless they actively opt out again. The goal is to simplify and encourage long-term savings for the future.
Key points
Employees who opted out of company retirement plans will be automatically re-enrolled every 1-3 years.
To avoid re-enrollment, an employee must actively opt out each time an automatic re-enrollment occurs.
The changes aim to increase the number of people saving for retirement by simplifying the process and reducing barriers.
The act applies to 401(k) and similar retirement plans that offer automatic enrollment.
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Additional Information
Auto Reenroll Act of 2023
Print number: HR 4924
Sponsor: Rep. Manning, Kathy E. [D-NC-6]
Process start date: 2023-07-26