06.14.22
Senate Panel Advances Retirement Bill as Part of Secure Act 2.0 Plan
by: Melanie Waddell
The U.S. Senate Committee on Health, Education, Labor and Pensions has approved on a voice vote the Retirement Improvement and Savings Enhancement to Supplement Health Investments for the Nest Egg, or the Rise & Shine Act. The measure would expand workplace savings plans, enhance automatic enrollment, enable more part-time workers to participate in retirement programs, allow multiple-employer 403(b) plans, improve fee disclosures for 401(k) plans and increase transparency of lump-sum buyout offers, among other provisions. It is likely to become part of a larger Senate bill that serves as the companion to a comprehensive retirement savings bill, known as SECURE 2.0, approved in the House earlier this year with bipartisan support.
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