03.29.22

House Passes Bipartisan Legislation to Expand Access to Secure Retirement

WASHINGTON – Today, the House passed sweeping bipartisan legislation to help more workers save and prepare for retirement. The legislation—Securing a Strong Retirement Act of 2022 (H.R. 2954)—includes the Education and Labor Committee’s bipartisan  (H.R. 5891) as well as other retirement-related provisions approved by the Ways and Means Committee.

The RISE Act, which the Education and Labor Committee approved by voice vote last November, would make an array of bipartisan and commonsense improvements to ensure that the retirement system better serves our nation’s workers, retirees, and employers.

“American workers deserve a decent wage and the ability to retire with dignity and security. Unfortunately, far too many Americans are working later in their lives and still relying on the next paycheck to cover monthly expenses,” said Chairman Scott. “This legislation makes meaningful improvements to our retirement system, helping Americans prepare for, and achieve, the secure retirement they deserve. By passing this bill today, we sent a message to workers and retirees across the country that their retirement security is a critical priority for every member of this House.”

“Every American should have the opportunity to save for a secure future,” said Ranking Member Foxx. “From providing incentives for workers to save more for retirement to reducing the costs and regulatory burdens on job creators providing retirement benefits, this bipartisan legislation addresses many of the problems that prevent Americans from putting money towards retirement savings. Encouraging more Americans to save for a secure retirement is crucial for the long-term financial health of workers, families, and the nation.” 

The Securing a Strong Retirement Act of 2022 incorporates the RISE Act, which would help workers save for retirement by:

  • Establishing 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;
  • Allowing charities, educational institutions, non-profits, and other entities that sponsor 403(b) plans to participate in multiple employer plans and pooled employer plans;
  • Reducing the requirements for part-time workers to join an employers’ retirement savings plan so that more workers can save for retirement;
  • Clarifying rules regarding the recovery of inadvertent overpayments to retirees;
  • Enabling employers to provide small financial incentives, such as low-dollar gift cards, to incentivize workers’ participation in retirement plans;
  • Requiring the Labor Department to review existing rules on pension risk transfers; and
  • Simplifying and clarifying reporting and disclosure requirements related to retirement plans.

For a fact sheet on the RISE Act—the Education and Labor Committee’s portion of the Securing a Strong Retirement Act of 2022—click here.

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