The provision mandating that employers not otherwise offering a retirement plan to employees must offer an elective deferral only 401(k) plan or payroll deduction IRA for employees to save for retirement (See “Could CalSavers Go National? Federal Mandated Payroll Deduction Plan Proposal Included In 3.5 Trillion Budget Proposal“) has been dropped from President Biden’s latest $1.75 billion pared-down version of the bill. The proposal had passed the House Ways & Means Committee on September 9 as part of the $3.5 trillion Budget Reconciliation proposal. Also dropped was the proposal to restrict so-called Mega IRAs (See “Ways & Means Committee Says You Must Save For Retirement, But Not Too Much“) as well as the paid family and medical leave provisions. The original bill was reduced to appease Democratic opposition and President Biden believes that the compromise will have the support of all 50 Democratic Senators as well as pass the House of Representatives. However, we’ll have to see.