Automatic Re-enrollment for Retirement Savings Plans
This bill makes it easier for people to save for retirement by automatically re-enrolling them in their workplace retirement plans if they previously opted out. If you chose not to contribute to your 401(k) or similar plan, your decision to opt out will now expire after 1 to 3 years, and you'll be automatically put back into the plan unless you actively opt out again. This aims to boost long-term savings for many Americans.
Key points
If you previously opted out of your workplace retirement savings plan (like a 401(k)), your opt-out choice will now expire after 1 to 3 years.
After your opt-out expires, you will be automatically re-enrolled in the plan and contributions will resume, unless you actively choose to opt out again.
This change applies to certain automatic contribution arrangements and is designed to help more people save for their retirement.
Status:
Introduced
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