Sponsor
Seth Magaziner
Representative · D-RI
Representative · D-RI
The bill broadly expands retirement coverage, participant protections, veteran supports, and federal transparency on emergency equipment, ports, and semiconductors—likely improving savings, services, and national‑security information—but does so with notable administrative, compliance, privacy, and fiscal costs and some risks to low‑income households and long‑term retirement security for specific groups.
Millions of private‑sector workers (especially employees at small and mid‑size employers) will be auto‑enrolled into 401(k)/403(b) plans with minimum savings rates, expanded saver tax credits, employer startup credits, student‑loan matching, and higher RMD ages—increasing retirement account participation and likely boosting long‑term retirement savings.
Plan participants and sponsors gain stronger administrative protections: clearer safe‑harbors for correcting automatic‑enrollment/escalation errors, expanded correction windows under EPCRS, a centralized 'Retirement Savings Lost and Found' to reunite owners with accounts, and higher small‑balance thresholds—making it easier to preserve, locate, and correct retirement assets.
Veterans, transitioning service members, and their spouses get improved access to apprenticeship and entrepreneurship resources—centralized apprenticeship.gov listings and expanded Boots to Business support and outreach—helping veterans find training, hiring‑friendly programs, and business startup assistance.
Millions of employers and workers face new compliance obligations and transitional complexity (automatic‑enrollment defaults, model language, plan conversions), and some low‑income workers may see reduced take‑home pay if they do not opt out—raising administrative costs and financial strain for vulnerable households.
The retirement‑system changes increase regulatory and administrative complexity for plan sponsors, administrators, and agencies (new eligibility windows, corrective safe‑harbors, tax/regulatory guidance needs), creating ongoing compliance costs, timing risk from required regulations, and potential confusion for small employers.
Creating a centralized 'Lost and Found' database and requiring submission of participant names/TINs raises privacy and data‑security risks for millions of retirement account holders if the database or transfers are compromised.
Based on analysis of 20 sections of legislative text.
Requires automatic enrollment/escalation in many 401(k)/403(b) plans, adds error safe harbors and domestic-abuse distribution rules, plus apprenticeships, studies, and program changes across agencies.
Official title: To advance commonsense policies.
Introduced February 2, 2026 by Seth Magaziner · Last progress February 2, 2026
Creates a mix of policy changes across retirement savings, workforce training, veterans services, federal workforce treatment, homeland security grant review, ports and semiconductor investment studies, and other administrative rules. Key retirement reforms require many 401(k)/403(b) plans to adopt automatic enrollment and escalation, add safe harbors for implementation errors, expand eligibility rules for part-time workers, and allow special distributions and recontributions for domestic abuse victims. The bill also mandates apprenticeship information transparency, a Boots to Business entrepreneurship program, new studies and reporting requirements (DHS equipment reviews, FMC port-ownership study, SelectUSA semiconductor FDI report), changes to House rules and credit-union board meeting frequencies, and creates a commission to study a National Museum of Asian Pacific American History and Culture.