Sponsor
Seth Magaziner
Representative · D-RI
Representative · D-RI
Official title: To advance policy priorities.
Introduced February 2, 2026 by Seth Magaziner · Last progress February 2, 2026
The bill expands retirement access and veteran supports and boosts various transparency and security reviews, but does so at the cost of higher federal and compliance costs, potential reductions in some individuals' take‑home pay, and a set of privacy, equity, and procedural risks that policymakers will need to manage.
Millions of workers (including part‑time, young, and low/moderate‑income employees) gain easier access to employer retirement plans, higher tax incentives, automatic‑enrollment defaults that raise participation, and stronger correction/safety‑net rules to protect savings.
Veterans, servicemembers, and their spouses get improved access to apprenticeship listings and free SBA entrepreneurship training, making it easier to find credentialed programs and start businesses.
Federal employees injured or made ill on covered duty can preserve retirement credit/treatment and are encouraged to be reappointed in comparable positions, helping maintain income and institutional knowledge.
Taxpayers face increased federal costs and reduced revenue due to expanded tax credits, program authorizations, and new or extended grant/contract activities (e.g., retirement credits, veteran programs, authorized FY2026 spending).
Employers, plan sponsors, federal and state agencies, and local governments confront significant new compliance, reporting, and administrative burdens (new automatic‑enrollment rules, database/reporting mandates, procurement review steps, governance rules), raising costs that may be passed to consumers or participants.
Automatic‑enrollment defaults mean some workers—particularly low‑income or inattentive employees—may see reduced take‑home pay unless they actively opt out, straining household budgets.
Based on analysis of 20 sections of legislative text.
Imposes automatic‑enrollment rules and ERISA/IRC safe harbors for retirement plans, adds veteran apprenticeship/entrepreneur supports, strengthens school‑zone trafficking penalties, directs DHS/port and semiconductor studies, and makes various administrative changes.
Extensive package of mostly policy and administrative changes that covers retirement plan automatic-enrollment and ERISA technical fixes, new worker and veteran training supports, Homeland Security grant review rules, stronger trafficking penalties in and near schools, port-ownership study requirements, a museum feasibility commission, NASA leasing authority extension, changes to federal credit-union board meeting rules, and a short appropriations provision. It alters the Internal Revenue Code and ERISA to require or encourage automatic enrollment in many 401(k)/403(b) plans and adds safe harbors and correction rules, creates new veteran-facing apprenticeship and entrepreneurship supports, and requires multiple new studies, reports, and congressional hearings. The bill is omnibus in scope and complex: it amends tax and retirement law, labor and veterans program delivery, criminal penalties for crimes near schools, Homeland Security grant review processes, House rules, and federal agency authorities. Implementation will involve Treasury/IRS, DOL, Department of Veterans Affairs, SBA, DHS/FEMA, NASA, Federal Maritime Commission, OPM, and multiple Congressional committees; many provisions require agency rulemaking, guidance, or new reporting and oversight activities.