The ERISA Industry Committee (ERIC) today delivered a letter to U.S. Senate Committee on Health, Education, Labor & Pensions Chair Patty Murray (D-WA) and Ranking Member Richard Burr (R-NC) supporting the discussion draft of the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg (RISE & SHINE) Act of 2022.
“We are pleased that the draft of the RISE & SHINE Act incorporates many of the recommendations that ERIC originally put forward in connection with your March 2022 hearing on the topic. The draft also contains a number of provisions included in the bipartisan, House-passed Securing a Strong Retirement Act,” writes Andrew Banducci, senior vice president of Retirement and Compensation Policy at ERIC.
The letter cites RISE & SHINE provisions supported by ERIC, including those that would:
- Update the cap for transferring former employees’ retirement to an IRA.
- Ease administrative burdens on plan sponsors.
- Clarify the rules for recoupment of inadvertent retirement plan overpayments.
- Facilitate emergency savings.
- Strengthen retiree health care and life insurance benefits by continuing to permit overfunded pension plans to fund them.
- End unnecessary annual increases in variable-rate premiums.
The letter also includes ERIC comments and suggestions for Committee leadership on how they might improve the bill. ERIC looks forward to continuing to work with the Committee and other policymakers to strengthen private-sector retirement savings. To read the full text of ERIC’s letter in support of the Rise and Shine Act of 2022, visit its website at https://www.eric.org/wp-content/uploads/2022/06/ERIC-HELP-Letter-re-RISE-and-SHINE-FINAL.pdf.