Moreno, Klobuchar Introduce Bill to Exempt Multiemployer Plans From Automatic Enrollment

WASHINGTON –Senators Bernie Moreno (R-Ohio) and Amy Klobuchar (D- Minn.) introduced theMultiemployer Plan Relief Act,a bipartisan bill that provides targeted relief from the automatic enrollment mandate for multiemployer union retirement plans. Representatives Mike Carey (R-Ohio), Brad Finstad (D-Minn.), Brendan Boyle (D-Pa.), and John Larson (D-Conn.) introduced a companion bill in the House.
“Hardworking Ohioans deserve retirement plans that work for them,”said Senator Moreno.“This bill removes unnecessary red tape from automatic enrollment rules, allowing Americans’ rightfully earned benefit plans to continue serving them without added compliance burdens from frequent job changes.”
“Workers in construction, trucking, and manufacturing rely on multiemployer union retirement plans to build financial security and prepare for their futures. While automatic enrollment can be a helpful tool to boost retirement savings, it doesn’t work the same way in multiemployer settings, where frequent job changes and uncoordinated payroll systems pose serious logistical challenges,”said Klobuchar.“Our bipartisan legislation provides relief for workers and businesses with multiemployer union retirement plans, so that we’re not imposing one-size-fits-all mandates where they don’t fit.”
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