Redesignates existing paragraph (10) as paragraph (11) and inserts a new paragraph (10) into subsection (k) of section 408 to provide rules treating certain independent workers as employees for purposes of simplified employee pensions, including participation, contribution, suspension account, and definitions.

Adds a new subparagraph (F) to 29 U.S.C. 1002(43) establishing that any opinion required by section 103(a)(3) with respect to a pooled employer plan shall relate only to the portions of the plan attributable to a participating employer for which such an opinion would be required if that portion were maintained as a separate single-employer plan.

Amends Section 202 of the Setting Every Community Up for Retirement Enhancement Act of 2019 to revise the auditing-opinion requirements for groups of plans by striking existing text and inserting two subparts that constrain the scope of such opinions and require them to be based on the same accounting principles used for pooled employer plans (29 U.S.C. 1002(43)) with specified caveats.