Independent Retirement Fairness Act

The Independent Retirement Fairness Act seeks to broaden retirement savings options for independent workers (such as contractors and gig-economy workers) by expanding how they can participate in pooled employer plans (PEPs) and Simplified Employee Pensions (SEPs), while also making it easier for groups of plans to be audited and supervised. Key changes include treating independent workers as eligible participants in pooled employer plans (with enrollments possible through employers or trade associations), extending SEP rules to allow independent workers to be treated similarly to employees for retirement purposes, and introducing pilot programs to encourage automatic retirement savings for gig workers. The bill also adjusts auditing rules to reflect the pooled-plan structure and to focus audits on the portions of plans related to participating employers. Overall, it aims to increase retirement savings access for non-traditional workers while clarifying plan administration and compliance.