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Senator Murray Applauds Further Bipartisan Progress on Retirement Security Legislation Following Senate Finance Mark Up

(Washington, D.C.) – Today, U.S. Senator Patty Murray (D-WA), Chair of the Senate Health, Education, Labor, and Pensions (HELP) Committee, issued the following statement on the Senate Finance Committee’s markup of its retirement security package, the Enhancing American Retirement Now (EARN) Act. Last week, the HELP Committee passed the RISE & SHINE Act—its own comprehensive bipartisan legislation to strengthen Americans’ emergency savings and retirement security—in a voice vote.

 

“Families are struggling with inflation and still recovering from the financial hits from this pandemic. We need to help people get back on solid financial footing. Last week, I led the HELP Committee in passing broad, bipartisan legislation to strengthen families’ retirement security and help them save for a rainy day—and I’m glad to see the Finance Committee is moving ahead with its own set of proposals to bolster Americans’ retirement security.

 

“Everyone should be able to retire with dignity and to weather a tough financial stretch and the unexpected expenses and hurdles life inevitably throws our way—like this pandemic. I look forward to working with Ranking Member Burr and my colleagues on both the HELP and Finance Committees and my House colleagues to finalize a comprehensive package that will bolster emergency savings and retirement security for families in Washington state and all across our country.”

 

The RISE & SHINE Act the HELP Committee passed includes a wide range of policies to create additional protections for workers and retirement savers at all stages of their retirement timelines, including steps to:

  • bolster savings by allowing employers to offer emergency savings accounts;
  • expand access to employer-provided 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;
  • and more.

 

Section-by-Section of RISE & SHINE Act HERE.

 

Full text of RISE & SHINE Act HERE.

 

See more about the bill the Finance Committee marked up HERE.

 

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