The Treasury Department and the IRS have proposed new rules to guide automatic enrollment in certain retirement plans, reflecting changes from the SECURE 2.0 Act of 2022. These regulations will apply to specific retirement plans with automatic contributions, ensuring that they align with the new requirements. Exceptions exist for government, church, and small or new business plans. Public comments are requested, and a hearing is scheduled to discuss these regulations further.
Simple Explanation
The government wants to make sure people save money for retirement by making it easier for some workers to join special saving plans automatically, but there are some plans that don't have to follow these new rules, like those for churches and very small businesses. They also want people to tell them what they think about these changes and will have a meeting to talk about it.