The House Education and Labor Committee introduced the Retirement Improvement and Savings Enhancement (RISE) Act on Monday. It establishes an online retirement lost and found to find old and missing retirement plan savings, allows 403b retirement plans to participate in MEPs and PEPS, and “ensures more part-time workers are offered opportunities to join retirement savings plans,” among other provisions.
“We have a responsibility to create an economy where American workers can retire with dignity and security,” Chairman Robert C. “Bobby” Scott, D-Va., said in a statement. “Unfortunately, far too many older Americans are working later in their lives and still relying on their next paycheck to cover monthly expenses. The RISE Act is a bipartisan proposal that will help Americans prepare for, and achieve, the secure retirement they deserve.”
Scott and the bill’s cosponsors said the RISE Act “makes an array of improvements to America’s retirement system to better help workers and retirees plan and save for secure retirement.” In addition to those mentioned, it:
- Clarifies rules regarding the recovery of inadvertent overpayments to retirees, minimizing hardships.
- Enables employers to provide small financial incentives, such as low-dollar gift cards, incentivizing workers’ participation in retirement plans.
- Simplifies and clarifies reporting and disclosure requirements related to retirement plans.
Industry support
“The momentum to address retirement insecurity is growing,” Insured Retirement Institute CEO Wayne Chopus said in support of the bill. “This new bipartisan legislation by the leaders of the House Education and Labor Committee further demonstrates the bipartisan commitment in Congress to find and act on solutions to help America’s workers and retirees achieve economic equity and strengthen their financial security during their retirement years.”
Several provisions in the RISE Act are also included in HR 2954, the Securing a Strong Retirement Act, introduced by House Ways and Means Committee Chairman Richard Neal (D-Mass.) and Ranking Member Kevin Brady (R-Texas). The Ways and Means Committee unanimously passed HR 2954 in May.