Bill > S4086

This bill, the Increasing Small Business Retirement Choices Act, aims to amend the Employee Retirement Income Security Act (ERISA) to better enable plan sponsors (employers) to implement beneficial plan features for their employees' retirement plans. The key provisions of the bill are: 1) Allowing plan assets to be used to cover incidental expenses solely for the benefit of plan participants and their beneficiaries, such as the costs of implementing automatic enrollment and escalation features, which currently cannot be charged to the plan and discourage small employers from offering these valuable options. 2) Clarifying that the fiduciary standard of care for plan sponsors includes expenses incurred solely for the benefit of plan participants and their beneficiaries, which will further facilitate the implementation of these types of beneficial plan features.

Health and Social Services

https://www.congress.gov/bill/117th-congress/senate-bill/4086/all-info