To amend the Internal Revenue Code of 1986 to establish an exception for multiemployer plan participants to the requirements for automatic enrollment.

Summary

Changes the Internal Revenue Code to revise which retirement plans are excluded from certain automatic enrollment requirements by removing a parenthetical that previously singled out church plans and instead treating church plans and multiemployer plans together. The amendment applies to taxable years beginning after December 31, 2024. The change is a targeted statutory text modification that affects how church plans are grouped with multiemployer plans for the automatic enrollment exclusion; it is primarily of interest to plan sponsors, administrators, and covered employees and has limited direct budgetary impact.

• Alters the Internal Revenue Code provision at 414A(c)(3) to change the heading and exclusion list for certain automatic enrollment rules.
• Removes a parenthetical that previously singled out church plans and instead treats church plans and multiemployer plans together in the exclusion list.
• Effective for taxable years beginning after December 31, 2024.
• Directly affects church plans and multiemployer plans and their sponsors/administrators.
• Does not create a new automatic enrollment requirement; it changes which plans are excluded from existing requirements.
• Likely produces limited budgetary impact but may change compliance interpretation and administrative practices.
• Applies to plan design and enrollment procedures beginning in plan years after the specified effective date.
• Is a targeted, technical change to tax-law wording rather than a broad policy overhaul.