What You Need to Know
- The Senate Finance Committee is expected to introduce its own retirement bill before July 4.
The Senate Health, Education, Labor & Pensions Committee passed by voice vote Tuesday the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg, or Rise & Shine Act, legislation that’s intended to be included in the Senate’s version of Secure Act 2.0.
The Senate Finance Committee is expected to introduce its own bill as part of a Secure Act 2.0 plan before July 4. The bills from the HELP Committee and Finance Committee will be combined to make up the Senate’s Secure Act 2.0 package.
The Senate bill will reconciled with the House-passed Secure Act 2.0 legislation, which passed in March, before a final bill gets voted on by both chambers.
Sen. Patty Murray, D-Wash., chairwoman of the Senate Health, Education, Labor & Pensions Committee, said, S. 4353, the Rise & Shine Act is “the most comprehensive retirement package this Committee has considered in a decade … And not a moment too soon.”
Murray introduced the bill on June 7 with the committee’s top Republican, Richard Burr of North Carolina.
During markup of the Rise & Shine bill Tuesday, the HELP Committee agreed to include an amendment that directs the Labor Department to study the effects of inflation on retirement savings.
The COVID pandemic “upended our economy,” Murray said during the bill’s markup, noting that “there are the countless people across the country who never even had access to a retirement plan or were never even paid enough to make ends meet — let alone save for the future.”
Now, she continued, “families are trying to recover — all while paying more at the grocery store and the gas pump.”
The Rise & Shine Act takes “so many steps in this bill to bolster families’ retirement and emergency savings,” Murray said.