Employers must now automatically enroll new hires into retirement plans

The US Treasury Department and IRS proposed rules that make it mandatory for many employers to automatically enroll new employees in retirement savings plans. This means millions of workers will start saving for retirement unless they actively choose not to.

For decades, most people had to actively sign up for a retirement plan at work. This new rule flips that around, making enrollment the default. It means fewer people will miss out on saving for their future simply because they forgot to fill out a form or did not understand the options.