To amend the Internal Revenue Code of 1986 to establish an exception for multiemployer plan participants to the requirements for automatic enrollment.
Summary
What This Bill Does
The bill amends Internal Revenue Code section 414A(c)(3), which lists plan types excepted from automatic enrollment requirements. It changes the heading to cover church plans and multiemployer plans, inserts multiemployer plans as defined in section 414(f), and applies the change to taxable years beginning after December 31, 2024. In practical terms, collectively bargained multiemployer retirement plans would not have to follow the automatic enrollment mandate that otherwise applies to covered retirement arrangements.
Who Benefits and How
Multiemployer retirement plan administrators, union trustees, contributing employers, and collectively bargained plans benefit from reduced automatic-enrollment compliance work and fewer plan-design changes. Some workers may benefit if the exception preserves bargained plan structures.
Who Bears the Burden and How
Workers covered by multiemployer plans may lose the savings nudge and default participation protection that automatic enrollment provides. Treasury Department and IRS retirement-plan administrators must apply a broader exception beginning with taxable years after 2024.
Key Provisions
- Adds multiemployer plans to the automatic-enrollment exception in Internal Revenue Code section 414A(c)(3).
- Provides compliance relief for multiemployer retirement plan administrators and contributing employers.
- Requires Treasury and IRS administrators to apply the exception to taxable years beginning after December 31, 2024.
- Restricts automatic-enrollment protections for workers covered by the excepted multiemployer plans.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
Adds multiemployer plans to the Internal Revenue Code exception from automatic enrollment requirements for retirement plans.
Key Policy Areas
Labor, Financial Services, Tax
Primary Purpose
Adds multiemployer plans to the Internal Revenue Code exception from automatic enrollment requirements for retirement plans.
Policy Domains
Substantive provisions
Identified Gains
- multiemployer retirement plan administrators
- union trustees
- contributing employers
Identified Costs
- workers covered by multiemployer plans
- Treasury Department administrators
- Internal Revenue Service administrators
Sponsors
Legislative Progress
In CommitteeReferred to the House Committee on Ways and Means.
Introduced in House
Mr. Finstad (for himself, Mr. Carey, Mr. Boyle of Pennsylvania, …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
contributing employers in multiemployer plans, union trustees overseeing multiemployer plans, workers covered by multiemployer plans
Positive-direction: contributing employers in multiemployer plans, union trustees overseeing multiemployer plans
Negative-direction: workers covered by multiemployer plans
multiemployer retirement plan administrators
Internal Revenue Service retirement-plan administrators
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "Secretary"
- → Secretary of the Treasury
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology