Independent Retirement Fairness Act

The Independent Retirement Fairness Act (S 2217) creates new retirement savings options for independent workers - such as freelancers, gig workers, and contractors - who typically lack employer-sponsored plans. It allows these workers to join "pooled employer plans" (managed by trade associations or employers) as if they were employees, without changing their independent status, and adjusts Simplified Employee Pension (SEP) plans to include them. Key provisions let employers treat independent workers as eligible for retirement contributions, exclude them from employee count calculations for plan rules, and redirect cash bonuses into retirement savings. The bill also establishes pilot programs to automate retirement savings through rounding down payments or scheduled deductions.