Auto Reenroll Act of 2023

The Auto Reenroll Act of 2023 modifies retirement plan rules to make it easier for employees who previously opted out of automatic contributions to be automatically re-enrolled. It allows employers to automatically re-enroll workers in 401(k) plans after 1-3 years (unless the employee actively chooses to stay out), ending the need for employees to re-opt-in each time. This applies to both "qualified automatic contribution arrangements" (like 401(k) plans) and "eligible automatic contribution arrangements." The bill directly affects employees who had previously elected not to contribute to workplace retirement plans, streamlining their return to savings without requiring new action. The changes apply to plan years starting after the bill's enactment date.