During a time of so much division in Congress, it is refreshing to join my colleagues across the aisle on important bipartisan legislation to modernize America’s retirement system. Last week I joined Education and Labor Committee Chairman Robert C. “Bobby” Scott (VA-03), Committee Ranking Member Virginia Foxx (NC-05), and Health, Employment, Labor, and Pensions Subcommittee Chair Mark DeSaulnier (CA-11) in introducing the Retirement Improvement and Savings Enhancement (RISE) Act (H.R. 5891). The RISE Act will put our nation’s retirement system on a stronger footing by providing workers and employers with more options and incentives to increase retirement savings.
The legislation:
- Establishes 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.
- Allows 403(b) retirement plans to participate in multiple employer plans and pooled employer plans.
- Ensures more part-time workers are offered opportunities to join retirement savings plans.
- 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, to incentivize workers’ participation in retirement plans.
- Simplifies and clarifies reporting and disclosure requirements related to retirement plans.
I’m proud to share that the RISE Act passed through committee last week and I will work with committee leaders to bring the bill to the House floor for a vote.