Bill > S5064

This bill, the Improving Access to Retirement Savings Act, aims to amend the Internal Revenue Code to increase retirement savings and improve retirement plan administration. The key provisions include: 1. Allowing "multiple employer 403(b) plans," which enables 403(b) plans (tax-advantaged retirement plans for certain non-profit employees) to be maintained by more than one employer, subject to certain requirements. 2. Providing a safe harbor for correcting certain administrative errors in "automatic enrollment" and "automatic escalation" features of retirement plans, allowing plan providers to make favorable corrections for participants. 3. Expanding the small employer pension plan startup cost tax credit to apply to employers that join an existing plan, not just those establishing a new plan. The bill aims to make it easier for employers, including non-profits, to offer and administer retirement plans, thereby increasing access to and participation in retirement savings programs.