Page 12 - Investment Advisor July/August 2022

Beginnings

WASHINGTON WATCH

By Melanie Waddell

Senate Panel Introduces Retirement Bill

as Part of Secure Act 2.0 Plan

Also, the 2100 bill on Social Security is up for debate.

continue to face historic inflation on gas,
groceries and other everyday essentials.
That’s why I’m proud to work with
Senator Murray on this significant,
bipartisan retirement package to ensure
current and future retirees have the
information and resources they need to
optimize savings for their golden years.”
Besides provisions on automatic
enrollment and contribution arrange-
ments, the Rise & Shine Act introduced
in early June updates the dollar limit
for mandatory distributions from IRAs.
Under current law, employers may
en. Patty Murray, D-Wash., chair- Retirement Improvement and Savings transfer former employees’ retirement
woman of the Senate Health, Enhancement Act, or RISE Act, and accounts from a workplace retirement
SEducation, Labor & Pensions the Retirement Security & Savings Act, plan into an IRA if their balances are
Committee, introduced on June 7 the introduced by Sens. Ben Cardin, D-Md., between $1,000 and $5,000. The bill
Retirement Improvement and Savings and Rob Portman, R-Ohio. increases the limit from $5,000 to $7,000.
Enhancement to Supplement Healthy “The COVID pandemic upended our The bill also provides employers the
Investments for the Nest Egg, or Rise economy — and with it, the finances of option to offer pension-linked emergen-
& Shine Act, legislation that she hopes millions of families in Washington state cy savings accounts, which may auto-
will be included in the Senate’s ver- and across the country. We need to do matically opt employees in at no more
sion of Secure Act 2.0. The bill, which everything we can to help people get on than 3% of their salary, and the accounts
she introduced with the committee’s solid financial footing — which is why are capped at $2,500 (or lower as set by
top Republican, Richard Burr of North I’m working to lower families’ costs, and the employer).
Carolina, was marked up in mid-June. on bipartisan legislation to help people
The Senators released a discussion save for their futures,” Murray said in a 2100 BILL UP FOR DEBATE
draft of the bill on May 26, and sought statement. “I look forward to marking The House Ways and Means Social
feedback. this bill up in Committee next week, Security Subcommittee plans to debate
Murray’s Rise & Shine Act builds off and working with our colleagues to pass his Social Security 2100: A Sacred Trust
the Securing a Strong Retirement Act of it into law.” bill soon, Rep. John Larson, D-Conn., Eric Lee/Bloomberg
2021, known as Secure 2.0, which passed Burr added: “Financial planning has chairman of the House Ways and Means
the House on March 29, as well as the never been more important as Americans Social Security Subcommittee, told

10 INVESTMENT ADVISOR JULY/AUGUST 2022 | ThinkAdvisor.com