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Senate Passes Murray’s Retirement and Emergency Savings Reforms

Omnibus retirement package includes provisions from Murray’s RISE & SHINE Act to strengthen Americans’ emergency savings and retirement security

 

Murray: “Families in Washington state are trying to make ends meet, plan for the future, and get on solid financial footing—which is why I fought so hard to strengthen their retirement and emergency savings in the omnibus.”

  

(Washington, D.C.) – Today, U.S. Senator Patty Murray (D-WA), Chair of the Senate Committee on Health, Education, Labor, and Pensions (HELP), released the following statement on the Senate’s passage of the omnibus appropriations bill which includes a package of bipartisan reforms she crafted with HELP Ranking Member Senator Richard Burr (R-NC) to strengthen families’ retirement and emergency savings and which she fought to include in the bill.

 

“Families in Washington state are trying to make ends meet, plan for the future, and get on solid financial footing—which is why I fought so hard to strengthen their retirement and emergency savings in the omnibus. I’ve heard from so many people who had to raid savings meant for the future, not to mention countless others who have never had access to an employer-sponsored retirement plan. That’s why these reforms are so important. 

“This bill expands access to retirement plans, increases transparency on fees and lump sum buyouts from pension plans, helps families save for a rainy day, and more. I’m glad we are on track to get these bipartisan steps across the finish line, and I’m going to continue pushing for us to do more to bolster families’ finances and build an economy that truly works for all working families.”

 

The omnibus the Senate passed includes key provisions of Senator Murray’s Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg (RISE & SHINE) Act, which passed the HELP Committee by a voice vote earlier this year as part of a larger retirement package that includes policies from the Senate Finance-passed Enhancing American Retirement Now (EARN) Act and the SECURE 2.0 package the House passed earlier this year.

 

The package includes provisions Senator Murray championed to:

  • Bolster savings by allowing employers to offer emergency savings accounts;
  • Expand access to employer-sponsored retirement plans through multiple employer plans and through increased access to plans for part-time workers;
  • Improve communications to retirement plan participants and transparency around lump-sum buyout offers for pension plan participants;
  • Ensure people get clear information about fee disclosures regarding their retirement plans;
  • And more.

 

A summary of the full omnibus retirement package can be found HERE.

 

Full text of the FY23 Omnibus Appropriations bill is available HERE.

 

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