This bill modifies the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 (ERISA) to introduce a new feature for automatic contribution arrangements. Specifically, it allows for the periodic automatic reenrollment of employees who previously opted out of contributing to their retirement plans. The primary goal is to enhance retirement savings by making it easier for individuals to participate in employer-sponsored plans. Under the new provisions, an employee's election to not participate in a qualified automatic contribution arrangement (QACA) or an eligible automatic contribution arrangement (EACA) can now terminate after a period of not less than one year and not more than three years. Once this opt-out election expires, the employee is automatically treated as having elected to make contributions at the plan's uniform percentage level. To avoid reenrollment, the employee must make a new, affirmative election to opt out again. The legislation also includes a conforming amendment to ERISA, applying the same periodic reenrollment rule to automatic contribution arrangements governed by that act. Furthermore, it clarifies that certain "previously disregarded employees" can be treated as having made an election to participate for the purposes of these new reenrollment rules. These changes are set to apply to plan years beginning after the date of the Act's enactment, aiming to encourage broader participation in workplace retirement savings.