Sponsor
Seth Magaziner
Representative · D-RI
Representative · D-RI
Introduced February 2, 2026 by Seth Magaziner · Last progress February 2, 2026
The bill seeks to boost retirement savings, program access, and federal oversight (especially for retirement, veterans, and security‑sensitive infrastructure) while imposing new administrative burdens, fiscal costs, and some privacy and implementation risks that may fall heaviest on small employers, plan administrators, and low‑income households.
Millions of private‑sector workers and retirees will be automatically enrolled and receive stronger incentives and tax benefits so more people save for retirement (automatic enrollment/escalation, higher Saver's Credit, employer startup credits, student‑loan matching, and later RMD ages).
Plan participants and plan sponsors will have greater plan‑integrity protections and easier account recovery so individuals keep retirement assets and sponsors can correct mistakes without losing qualified status (expanded safe harbors for corrections, eligibility reform for part‑time workers, higher mandatory distribution thresholds, and a centralized 'Retirement Savings Lost and Found').
Victims of domestic abuse can access emergency funds and later recontribute withdrawals so survivors have immediate financial options to escape dangerous situations without permanently losing their retirement savings (limited immediate withdrawals with recontribution rights and rollover exemptions).
Employers, plan sponsors, and small institutions will face substantial new administrative and compliance costs to implement automatic enrollment, eligibility changes, new credits, reporting, and rule changes (plan conversions, updated documents, tracking new eligibility windows, and grant application processes).
Low‑income workers and some middle‑class households may see lower take‑home pay and near‑term budget strain because automatic contributions and escalations start by default unless they opt out.
Requiring participant names and TINs for a centralized DOL database raises privacy and data‑security risks for taxpayers if sensitive records are compromised.
Based on analysis of 20 sections of legislative text.
Requires automatic enrollment/escalation in many 401(k)/403(b) plans, alters federal retirement rules for injured workers, enables domestic‑abuse retirement distributions, raises school‑zone trafficking penalties, and creates several studies/programs.
Changes a wide range of federal rules across retirement, employment, veterans services, homeland security grant reviews, criminal penalties near schools, and administrative requirements. Major items include required automatic enrollment for many 401(k)/403(b) plans with phased escalation, special retirement-credit rules for certain injured federal employees who move into non-covered positions, new rules allowing domestic abuse victims to take and recontribute retirement distributions, expanded veteran apprenticeship information online, targeted studies and reporting on foreign ownership of marine terminals and semiconductor FDI, and short-term programs and commissions (including a Boots to Business entrepreneurship program and a commission to study a National Museum of Asian Pacific American History and Culture). Many provisions impose new reporting, study, or administrative duties on federal agencies, change tax and retirement code rules, and set program timelines (for example, a Boots to Business window through Sept 30, 2028, and NASA leasing authority extended to Dec 31, 2033). Several changes take effect on enactment or for plan years after enactment; some include specific multi-year reporting deadlines.