Senate HELP Committee Retirement Bill Introduced

Senators Patty Murray (D-WA) and Richard Burr (R-NC), chair and ranking member of the Senate Health, Education, Labor and Pensions (HELP) committee respectively, have introduced the Retirement Improvement and Savings Enhancement to Supplemental Healthy Investments for the Nest Egg (RISE & SHINE) Act, the Senate HELP committee’s latest version of compiled retirement provisions. While the provisions included in this version of the bill remain substantially similar to the discussion draft version previously announced, some technical details have been changed or removed from select provisions.

The RISE & SHINE Act builds upon Representatives Richard Neal (D-MA) and Kevin Brady’s (R-TX) Securing a Strong Retirement Act, which passed the House in March, Rep. Bobby Scott’s (D-VA) Retirement Improvement and Savings (RISE) Act, and Sens. Cardin (D-MD) and Portman’s (R-OH) Retirement Security and Savings Act.

The Senate HELP committee has scheduled a hearing to mark up the bill for June 14, 2022. The Senate Finance committee, of which Sens. Cardin and Portman are members, is also expected to release and hold a hearing on its version of a retirement package by the end of the month.