Retirement Security and Automatic Enrollment Act

This bill would strengthen retirement security by requiring new private-sector 401(k) and 403(b) plans to automatically enroll eligible employees at a minimum contribution rate of 3 percent, with automatic annual increases up to 10 percent unless workers opt out. It would preserve employee choice, require clear fee and investment disclosures, protect automatic contributions in the event of job changes, and provide small employers with enhanced tax credits to offset implementation costs. The bill would also direct the Department of Labor to strengthen oversight of fiduciary duties and prohibit unreasonable fees that erode workers’ retirement savings.