A Senate committee on June 14 passed its version of a retirement and security bill that mirrors legislation approved in the House of Representatives, the Retirement Security and Savings Act (H.R. 2954), or SECURE Act 2.0.
The Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg (RISE & SHINE) Act would strengthen emergency savings and retirement security. Provisions include allowing employers to offer emergency savings accounts, expanding access to employer-provided retirement plans, and ensuring people have access to information needed to make consequential financial decisions and plan for retirement.
However, the legislation out of the Senate Health, Education, Labor and Pensions Committee excludes a House-passed provision requiring that new employees be enrolled automatically in retirement savings accounts. That measure could be added in a Senate vote on amendments that is expected later this month. The Senate Finance Committee is also expected to draft its own provisions for the retirement bill before it reaches the full chamber for a vote.
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