The Independent Retirement Fairness Act expands retirement savings options for independent workers and gig economy participants by allowing them to enroll in pooled employer plans and simplified employee pensions previously available only to traditional employees. The bill enables independent workers to participate through trade associations and employers without being classified as employees for legal or tax purposes, and it simplifies auditing requirements for these group retirement plans. Additionally, it establishes pilot programs allowing independent workers to automatically save for retirement through methods like rounding down compensation or setting up regular automatic deductions to contribute to retirement accounts. The legislation applies to tax years beginning after its enactment and does not provide specific federal funding, instead relying on the Treasury and Labor Departments to design and implement the pilot programs in cooperation with industry stakeholders.
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