What is the official ID of this bill?
The official print number for this legislation is S 2512.
Tax Credit for Small Employers Using Retirement Plan Auto-Re-enrollment.
This bill creates a new $500 annual tax credit for small employers who implement automatic re-enrollment features in their retirement savings plans. The goal is to boost employee retirement savings by periodically re-enrolling workers who previously opted out or contributed less than the default amount. Employees maintain the right to actively opt out of the plan at any time.
Key points
Small businesses receive a $500 tax credit (for up to 3 years) for adding automatic re-enrollment features to their retirement plans.
Employees who previously stopped saving for retirement will be automatically re-enrolled every few years unless they actively choose to opt out again.
Status:
Expired
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