A bill to amend the Internal Revenue Code of 1986 to increase participation and savings in cash or deferred plans through automatic contribution and default investment arrangements, and for other purposes.
401(k) Enhancement Act: Encouraging Retirement Savings - Amends the Internal Revenue Code to allow 401(k) retirement plans to adopt automatic employee contribution arrangements. Provides for: (1) employer matching contributions; (2) employee elections to opt out of automatic contribution plans; (3) notice to employees of their rights under automatic contribution plans; and (4) default investment arrangements for employees who do not make investment decisions.
Read twice and referred to the Committee on Finance.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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