Legislation Proposed to Automatically Re-enroll Employees

Bill text has been made available for legislation introduced by Senator Tim Kaine (D-VA) intending to improve participation in employer-sponsored retirement plans. The Auto Reenroll Act of 2022 would require qualified automatic contribution arrangements and eligible automatic contribution arrangements that take effect after December 31, 2024, to re-enroll at least every three years, eligible participants that chose not to defer. Representative Kathy Manning (D-NC) has also introduced a companion bill in the House of Representatives.