ERIC Supports New Legislation to Expand Retirement Opportunities for Americans

Washington, DC – The ERISA Industry Committee (ERIC) applauds the introduction of the Retirement Improvement and Savings Enhancement (RISE) Act (H.R. 5891). The bipartisan legislation would help employers efficiently deliver valuable retirement benefits.

“The introduction of the Retirement Improvement and Savings Enhancement Act is an important building block for passing the next bipartisan retirement package and expanding retirement savings opportunities for Americans,” said Andy Banducci, Senior Vice President of Retirement and Compensation, ERIC. “ERIC supports legislation that eliminates outdated and unnecessary administrative burdens, allowing large employers, like ERIC member companies, to put as many resources towards their retirement benefits offerings as possible.”

In a letter provided to the bill’s sponsors, ERIC recognized the legislation as a critical next step in building on The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 and promoting the retirement security of workers and retirees. ERIC is particularly encouraged that the bill:

  • Creates a searchable online databaseto help plan participants locate lost retirement accounts

  • Updates the cap for transferring former employees’ retirement fundsto an IRA from $5,000 to $7,000

  • Helps employers encourage retirement savings by allowing plan sponsors to offer de minimis financial incentives to motivate employee participation

  • Eases administrative burdens on plan sponsorsby reducing unneeded notices and requiring regulators to review current disclosures and make recommendations to simplify

  • Clarifies the rules for recoupment of inadvertent retirement plan overpayments to innocent participants

Click here to read ERIC’s letter.

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All media inquiries to The ERISA Industry Committee should be directed to:

Kelly Broadway, 202.627.1918, kbroadway@eric.org

About The ERISA Industry Committee
ERIC is a national advocacy organization that exclusively represents large employers that provide health, retirement, paid leave, and other benefits to their nationwide workforces. With member companies that are leaders in every sector of the economy, ERIC advocates on the federal, state, and local levels for policies that promote flexibility and uniformity in the administration of their employee benefit plans.