Exempting Multiemployer Retirement Plans from Automatic Enrollment Rules.
This bill amends the tax code to exempt multiemployer retirement plans (often union-negotiated plans covering workers from multiple employers) from mandatory automatic enrollment requirements. This means participants in these specific plans will not be automatically enrolled in retirement savings programs but must actively choose to join. These changes take effect starting with the 2025 tax year.
Key points
Multiemployer retirement plans are now exempt from federal automatic enrollment mandates.
Participants in these plans must actively opt-in to join the retirement savings program, rather than being automatically enrolled.
The changes apply to tax years beginning after December 31, 2024.
Status:
Introduced
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