Committee Advances Bipartisan Legislation to Expand Workers’ Access to Secure Retirement
WASHINGTON – Today, the Education and Labor Committee voted to advance the Retirement Improvement and Savings Enhancement (RISE) Act (H.R. 5891), a bipartisan bill to help more workers save and prepare for retirement.
The legislation—led by Chairman Robert C. “Bobby” Scott (VA-03), Ranking Member Virginia Foxx (NC-05), Health, Employment, Labor, and Pensions Subcommittee Chair Mark DeSaulnier (CA-11), and Subcommittee Ranking Member Rick Allen (GA-12)—advanced through the Committee unanimously.
“Democrats and Republicans in Congress agree that workers deserve to retire with security,” said Chairman Scott. “That is why I worked closely with Ranking Member Foxx to advance the RISE Act. This legislation will make meaningful improvements to ensure that our retirement system better serves and supports our nation’s workers and retirees. The RISE Act is our opportunity to send a message to Americans across the country that their retirement security is a critical priority for every Member of the Education and Labor Committee.”
“The RISE Act is a targeted, balanced, and bipartisan bill that will improve our retirement system and make the future of retirees more secure. This legislation will expand access to multiple employer plans, decrease the administrative cost of managing retirement accounts for small businesses, and reduce the costs of regulatory burdens on job creators, among other constructive provisions. H.R. 5891 is a continuation of the Committee’s effort to modernize retirement policy to the benefit of workers and job creators,” said Ranking Member Foxx.
“Every American worker deserves to retire with security and dignity, but millions are losing out on their hard-earned savings due to roadblocks and red tape,” said Rep. DeSaulnier. “I am proud of our bipartisan work on the House Education and Labor Committee to take the next step in advancing this bill to modernize our retirement system to ensure that retirement savings are safe and accessible.”
“I am proud to support this bipartisan measure to modernize our nation’s retirement laws. Everyone wants the opportunity to retire with peace of mind and the RISE Act will help many more Americans do just that. By cutting red tape, this legislation provides more incentives for employers to offer retirement accounts and for employees to participate in saving for their future,” said Rep. Allen.
To strengthen our nation’s retirement security, the RISE Act would:
- Establish an online, searchable “Retirement Lost and Found” database at the Department of Labor to help workers locate their hard-earned retirement savings as they move from job to job.
- Allow 403(b) retirement plans to participate in multiple employer plans and pooled employer plans.
- Ensure more part-time workers are offered opportunities to join retirement savings plans.
- Clarify rules regarding the recovery of inadvertent overpayments to retirees, minimizing hardships.
- Enable employers to provide small financial incentives, such as low-dollar gift cards, to incentivize workers’ participation in retirement plans.
- Simplify and clarify reporting and disclosure requirements related to retirement plans.
For a fact sheet on the RISE Act, click here.
Contact: Democratic Press Office, 202-226-0853
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