S 5064
Improving Access to Retirement Savings Act
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- Became Law
Bill overview
The Improving Access to Retirement Savings Act aims to make retirement savings plans more accessible and easier to administer. It allows employers with tax-exempt 403(b) plans to participate in multiple employer plans (MEPs) and receive a small employer pension plan startup tax credit. The bill also establishes a ‘safe harbor’ to allow plans to correct automatic enrollment errors within a specific timeframe, and modifies model plan language to clarify fiduciary responsibilities. Finally, it provides a mechanism for correcting errors in automatic contribution features.
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