Senators Murray, Burr Introduce Legislation to Strengthen Families’ Finances, Bolster Emergency Savings, and Improve Retirement Security, Announce Mark Up Next Week
Senators introduce bipartisan retirement package to bolster emergency savings, increase access to retirement plans, provide additional information and transparency to help people manage their finances, and more
Committee will mark up RISE & SHINE Act next Tuesday
Murray: “The COVID pandemic upended our economy—and with it, the finances of millions of families in Washington state and across the country. We need to do everything we can to help people get on solid financial footing—which is why I’m working to lower families’ costs, and on bipartisan legislation to help people save for their futures.”
Burr: “Financial planning has never been more important as Americans continue to face historic inflation on gas, groceries, and other everyday essentials.”
Washington, D.C. – Today, Senate Health, Education, Labor, and Pensions (HELP) Committee Chair Senator Patty Murray (D-WA), and Ranking Member Senator Richard Burr (R-NC) introduced the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg (RISE & SHINE) Act—legislation to strengthen people’s emergency savings and retirement security. They also announced the HELP Committee would be marking up the legislation next week at an executive session.
“The COVID pandemic upended our economy—and with it, the finances of millions of families in Washington state and across the country. We need to do everything we can to help people get on solid financial footing—which is why I’m working to lower families’ costs, and on bipartisan legislation to help people save for their futures. The RISE & SHINE Act will help people in Washington state put money away for a rainy day, get the information they need to make hugely consequential financial decisions, access retirement plans—and so much more,” said Senator Murray. “I look forward to marking this bill up in Committee next week, and working with our colleagues to pass it into law, along with other steps to strengthen the financial security of workers, retirees, and families in Washington state and across the country.”
“Financial planning has never been more important as Americans continue to face historic inflation on gas, groceries, and other everyday essentials,” said Senator Burr. “That’s why I’m proud to work with Senator Murray on this significant, bipartisan retirement package to ensure current and future retirees have the information and resources they need to optimize savings for their golden years. I look forward to next week’s mark-up as we continue to work to enhance these practical, long-term savings for retirees and their families for years to come.”
The Senators have been working with their colleagues for months to develop the broad, bipartisan retirement package. They held a HELP Committee hearing earlier this year focused on improving retirement security and enhancing emergency savings, and released a discussion draft for feedback two weeks ago.
The RISE & SHINE Act 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.
The package builds off legislation in the House—the Securing a Strong Retirement Act of 2021 (SECURE 2.0), and the Retirement Improvement and Savings Enhancement Act (RISE Act)—as well as the Retirement Security & Savings Act introduced by Senators Cardin (D-MD) and Portman (R-OH).
Section-by-Section of RISE & SHINE Act HERE.
Full text of RISE & SHINE Act HERE.
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