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WASHINGTON, D.C. – A Senate committee today approved a measure to expand employee access to workplace retirement plans.

The Senate Health, Education, Labor, and Pensions (HELP) Committee approved the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg Act or the “RISE & SHINE Act (S. 4353). The bill will improve retirement security by creating additional protections for workers and retirement savers at all stages of their retirement timelines – from improving coverage for part-time workers to facilitating convenient and affordable access to workplace emergency savings accounts.

The Insured Retirement Institute (IRI) supports the bill and urges Congress to continue taking steps forward to pass a comprehensive retirement security measure this year.

“This is a critical milestone toward addressing the anxiety and insecurity that many of America’s workers and retirees have about achieving a financially secure retirement,” said Wayne Chopus, IRI President and CEO. “We appreciate the leadership and hard work of Committee Chair Sen. Patty Murray (D-Wash.) and Ranking Member Sen. Richard Burr (R-N.C.) to craft and pass this important bipartisan measure.”

The House of Representatives passed a comprehensive retirement bill in March with an overwhelming bipartisan vote. The Senate Finance Committee is also anticipated to consider additional retirement legislation under its jurisdiction soon. The HELP Committee measure is expected to be combined with the Finance Committee measure into one Senate bill, which will then need to be reconciled with the House-passed legislation before a final bill can be voted on by both chambers of Congress and sent to President Biden for signature.

“We remain optimistic that Congress will send a retirement bill to President Biden this year,” Chopus said. “We are more than halfway through the process, and momentum is on our side. We look forward to working with Senate and House leaders and the White House to get this done.”

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Contact: Dan Zielinski

 

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