Multiemployer Plan Relief Act

H.R. 6685 / S. 3615 - Multiemployer Plan Relief Act

Client expense: Not reported · Firm income: $13,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Multiemployer Pension Reform: S.3615/H.R.6685 Multiemployer Plan Relief Act Section 101 of the SECURE 2.0 Act requires employers with more than 10 employees to automatically enroll new employees at 3% of pay, increasing annually by 1% up to at least 10% but no more than 15% of pay. The 401(k) automatic enrollment provision presents a unique and increased set of challenges for Taft-Hartley plans that do not encumber single-employer plans in the same manner and that require further legislative reforms. Put simply, these automatic enrollment and auto-escalation provisions would dramatically increase the administrative complexity of 401(k) deferrals for multiemployer plans. While SECURE 2.0 was intended to promote retirement savings, the added complexity of administering the automatic enrollemt and escalation provisions will undermine that objective because existing multiemployer DC plans will likely not add a 401(k) feature to their plans and very few (if any) new 401(k) plans will be established in the multiemployer space.

Client expense: Not reported · Firm income: $10,312

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 6685, a bill to amend the Internal Revenue Code of 1986to establish an exception for multiemployer plan participants to the requirements for automatic enrollment. S. 3615, The Multiemployer Plan Relief Act, a bill to amend the Internal Revenue Code of 1986to establish an exception for multiemployer plan participants to the requirements for automatic enrollment.

Client expense: $140,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Multiemployer Pension Reform: S.3615/H.R.6685 Multiemployer Plan Relief Act FY2025 Authorizations, Appropriations, and Budget Policy Section 101 of the SECURE 2.0 Act requires employers with more than 10 employees to automatically enroll new employees at 3% of pay, increasing annually by 1% up to at least 10% but no more than 15% of pay. The 401(k) automatic enrollment provision presents a unique and increased set of challenges for Taft-Hartley plans that do not encumber single-employer plans in the same manner and that require further legislative reforms. Put simply, these automatic enrollment and auto-escalation provisions would dramatically increase the administrative complexity of 401(k) deferrals for multiemployer plans. While SECURE 2.0 was intended to promote retirement savings, the added complexity of administering the automatic enrollemt and escalation provisions will undermine that objective because existing multiemployer DC plans will likely not add a 401(k) feature to their plans and very few (if any) new 401(k) plans will be established in the multiemployer space.

Client expense: Not reported · Firm income: $10,313

H.R. 6685 / S. 3615 - Multiemployer Plan Relief Act

Client expense: Not reported · Firm income: $13,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 6685 / S. 3615 - Multiemployer Plan Relief Act

Client expense: Not reported · Firm income: $13,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 6685 / S. 3615 - Multiemployer Plan Relief Act

Client expense: Not reported · Firm income: $13,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 4588 / S. 2028 - Supporting Apprenticeship Colleges Act S. 3615 / H.R. 6685 Multiemployer Plan Relief Act Annual Appropriations Process Domestic labor practices for shipbuilding

Client expense: Not reported · Firm income: Not reported

H.R. 4588 / S. 2028 - Supporting Apprenticeship Colleges Act S. 3615 / H.R. 6685 Multiemployer Plan Relief Act Annual Appropriations Process Domestic labor practices for shipbuilding

Client expense: Not reported · Firm income: Not reported

H.R. 4588 / S. 2028 - Supporting Apprenticeship Colleges Act S. 3615 / H.R. 6685 Multiemployer Plan Relief Act Annual Appropriations Process Domestic labor practices for shipbuilding

Client expense: Not reported · Firm income: Not reported

H.R. 4588 / S. 2028 - Supporting Apprenticeship Colleges Act S. 3615 / H.R. 6685 Multiemployer Plan Relief Act Annual Appropriations Process Domestic labor practices for shipbuilding

Client expense: Not reported · Firm income: Not reported

Multiemployer Pension Reform: S.3615/H.R.6685 Multiemployer Plan Relief Act FY2025 Authorizations, Appropriations, and Budget Policy Section 101 of the SECURE 2.0 Act requires employers with more than 10 employees to automatically enroll new employees at 3% of pay, increasing annually by 1% up to at least 10% but no more than 15% of pay. The 401(k) automatic enrollment provision presents a unique and increased set of challenges for Taft-Hartley plans that do not encumber single-employer plans in the same manner and that require further legislative reforms. Put simply, these automatic enrollment and auto-escalation provisions would dramatically increase the administrative complexity of 401(k) deferrals for multiemployer plans. While SECURE 2.0 was intended to promote retirement savings, the added complexity of administering the automatic enrollemt and escalation provisions will undermine that objective because existing multiemployer DC plans will likely not add a 401(k) feature to their plans and very few (if any) new 401(k) plans will be established in the multiemployer space.

Client expense: Not reported · Firm income: $15,625