Bipartisan Auto Re-Enroll Bill Introduced to Build on SECURE 2.0

New bipartisan legislation introduced in the Senate aims to enhance automatic 401(k) enrollment provisions Congress enacted late last year.

The Auto Reenroll Act of 2023 sponsored by Sens. Bill Cassidy (R-La.) and Tim Kaine (D-Va.) would amend federal benefit law to permit workplace retirement plan sponsors to re-enroll workers who have opted out of the plans at least once every three years.

The SECURE 2.0 Act (Pub. L. No. 117-328) Congress passed in December requires new 401(k) and 403(b) government and nonprofit plans to automatically enroll new hires, but workers are allowed to affirmatively opt out. The proposed ...