NEW BIPARTISAN RETIREMENT LEGISLATION INTRODUCED

Measure Includes Several IRI-Supported Measures

WASHINGTON, D.C. – A House committee is expected to vote today on a new bipartisan retirement security measure. The bill would help expand access to workplace retirement plans for charitable, educational, and non-profit organizations and create a “retirement savings lost and found” to help individuals who lose track of a workplace retirement plan, among other provisions.

The Retirement Improvement and Savings Enhancement (RISE) Act (HR 5891) was introduced by Education and Labor Committee Chairman Robert C. “Bobby” Scott (D-Va.), Ranking Member Virginia Foxx (R-N.C.), Education and Labor Committee Health, Employment, Labor, and Pensions Subcommittee Chair Mark DeSaulnier (D-Calif.), and Subcommittee Ranking Member Rick Allen (R-Ga.).

The Insured Retirement Institute (IRI) supports the measure, which includes provisions outlined in the group’s 2021 Retirement Security Blueprint. IRI shared its ideas with the Education and Labor Committee in written comments submitted for a June hearing examining pathways to build a stronger, more inclusive retirement system.  

“The momentum to address retirement insecurity is growing,” said Wayne Chopus, IRI President and CEO. “This new bipartisan legislation by the leaders of the House Education and Labor Committee further demonstrates the bipartisan commitment in Congress to find and act on solutions to help America’s workers and retirees achieve economic equity and strengthen their financial security during their retirement years.”

Several provisions in the RISE Act are also included in HR 2954, the Securing A Strong Retirement Act, introduced by House Ways and Means Committee Chairman Richard Neal (D-Mass.) and Ranking Member Kevin Brady (R-Texas). The Ways and Means Committee unanimously passed HR 2954 in May.

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Contact: Dan Zielinski