Auto Reenroll Act News Today

Legislation builds on SECURE 2.0, providing workers an opportunity for greater access to retirement savings Supports Voya data finding 85% of Americans agree it is important for employers to offer...

The proposed bill clarifies the ability of employers to automatically reenroll workers who had previously opted out of contributing to a 401(k) after three years. 

A bill that would allow employers to automatically re-enroll employees who previously opted out of retirement plans has been reintroduced.

Legislation would allow expenses related to changing a retirement plan’s design to be reimbursed from participants’ plan assets.

Supporters of the proposal say it will remove ‘bureaucratic red tape’ that prevents some small businesses from starting retirement plans, while also lowering costs.

Separate bicameral proposed legislation aims to boost auto-enrollment retirement plan participation.

Many employers automatically enroll their employees in retirement savings plans when they start the job, but many employees initially decide to opt out.