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A Win for Workers and Job Creators

The United States has one of the most robust retirement systems in the world, yet many Americans still struggle to plan and save enough for a secure future. Today, the House will vote on the bipartisan Securing a Strong Retirement Act of 2022 (H.R. 2954). The bill incorporates the Retirement Improvement and Savings Enhancement (RISE) Act, which the Education and Labor Committee approved in November.

Here is what you need to know ahead of today’s vote on H.R. 2954, which will strengthen our retirement system to better serve our nation’s workers, retirees, and employers:

Background

Retirement security is a priority and critical component of the Education and Labor Committee’s jurisdiction. In November 2021, the Education and Labor Committee approved the bipartisan Retirement Improvement and Savings Enhancement (RISE) Act by voice vote. The Securing a Strong Retirement Act is a comprehensive bipartisan bill that incorporates the RISE Act as well as other retirement-related provisions approved by the Ways and Means Committee.

Securing a Strong Retirement Act of 2022:

  • Allows charities, educational institutions, non-profits, and other entities that sponsor 403(b) plans to participate in multiple employer plans and pooled employer plans;

  • Clarifies rules regarding the recovery of inadvertent overpayments to retirees, minimizing hardships;

  • Enables employers to provide small financial incentives, such as low-dollar gift cards, to incentivize workers’ participation in retirement plans;

  • Simplifies and clarifies reporting and disclosure requirements related to retirement plans;

  • Establishes an online, searchable “Retirement Lost and Found” database at the Department of Labor to help workers locate their hard-earned retirement savings as they move from job to job; and

  • Ensures more part-time workers can save for retirement by reducing the requirements for workers to join an employers’ retirement savings plan.

Find the full fact sheet here.

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