Page 12 - Investment Advisor July/August 2022
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                 WASHINGTON WATCH

                   By Melanie Waddell

                 Senate Panel Introduces Retirement Bill

                 as Part of Secure Act 2.0 Plan

                 Also, the 2100 bill on Social Security is up for debate.

                                                                                     continue to face historic inflation on gas,
                                                                                     groceries and other everyday essentials.
                                                                                     That’s why I’m proud to work with
                                                                                     Senator Murray on this significant,
                                                                                     bipartisan retirement package to ensure
                                                                                     current and future retirees have the
                                                                                     information and resources they need to
                                                                                     optimize savings for their golden years.”
                                                                                       Besides provisions on automatic
                                                                                     enrollment and contribution arrange-
                                                                                     ments, the Rise & Shine Act introduced
                                                                                     in early June updates the dollar limit
                                                                                     for mandatory distributions from IRAs.
                                                                                     Under current law, employers may
                      en. Patty Murray, D-Wash., chair-  Retirement Improvement and Savings   transfer former employees’ retirement
                      woman of the Senate Health,   Enhancement Act, or RISE Act, and   accounts  from  a  workplace  retirement
                 SEducation, Labor & Pensions      the Retirement Security & Savings Act,   plan into an IRA if their balances are
                 Committee, introduced on June 7 the   introduced by Sens. Ben Cardin, D-Md.,   between $1,000 and $5,000. The bill
                 Retirement Improvement and Savings   and Rob Portman, R-Ohio.       increases the limit from $5,000 to $7,000.
                 Enhancement to Supplement Healthy   “The COVID pandemic upended our   The bill also provides employers the
                 Investments  for  the  Nest  Egg,  or  Rise   economy — and with it, the finances of   option to offer pension-linked emergen-
                 & Shine Act, legislation that she hopes   millions of families in Washington state   cy savings accounts, which  may auto-
                 will be included in the Senate’s ver-  and across the country. We need to do   matically opt employees in at no more
                 sion of Secure Act 2.0. The bill, which   everything we can to help people get on   than 3% of their salary, and the accounts
                 she introduced with the committee’s   solid financial footing — which is why   are capped at $2,500 (or lower as set by
                 top Republican, Richard Burr of North   I’m working to lower families’ costs, and   the employer).
                 Carolina, was marked up in mid-June.  on bipartisan legislation to help people
                   The  Senators  released  a  discussion   save for their futures,” Murray said in a   2100 BILL UP FOR DEBATE
                 draft of the bill on May 26, and sought   statement. “I look forward to marking   The House Ways and Means Social
                 feedback.                         this bill up in Committee next week,   Security Subcommittee plans to debate
                   Murray’s Rise & Shine Act builds off   and working with our colleagues to pass   his Social Security 2100: A Sacred Trust
                 the Securing a Strong Retirement Act of   it into law.”             bill soon, Rep. John Larson, D-Conn.,   Eric Lee/Bloomberg
                 2021, known as Secure 2.0, which passed   Burr added: “Financial planning has   chairman of the House Ways and Means
                 the House on March 29, as well as the   never been more important as Americans   Social  Security  Subcommittee,  told

              10 INVESTMENT ADVISOR JULY/AUGUST 2022 |
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