House File 2303 - Introduced HOUSE FILE 2303 BY SWAIM A BILL FOR An Act concerning automatic enrollment in a qualified 1 retirement plan offered by an employer and making penalties 2 applicable. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 5069HH (2) 83 ec/sc

H.F. 2303 Section 1. NEW SECTION . 91A.15 Qualified retirement plans 1 —— automatic enrollment. 2 1. For purposes of this section, “eligible retirement plan” 3 means a retirement plan qualified under sections 401, 403, 408, 4 and 457 of the Internal Revenue Code. 5 2. An employer offering an eligible retirement plan to 6 employees shall automatically enroll each employee of the 7 employer in the eligible retirement plan unless the employee 8 affirmatively elects to opt out of enrollment in the plan. 9 EXPLANATION 10 The bill provides that an employer offering an eligible 11 retirement plan to employees shall automatically enroll each 12 employee of the employer in the plan unless the employee 13 affirmatively elects to opt out of enrollment in the plan. The 14 bill defines an eligible retirement plan as a retirement plan 15 that is qualified under sections 401, 403, 408, and 457 of the 16 Internal Revenue Code. An employer who violates this new Code 17 section shall be subject to civil penalties as provided in Code 18 section 91A.12. 19 -1- LSB 5069HH (2) 83 ec/sc 1/ 1