Bill > S4353

This bill, titled the "Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg Act" or the "RISE & SHINE Act", proposes a number of changes to retirement plans, including: Updating the dollar limit for mandatory distributions from $5,000 to $7,000, allowing multiple employer 403(b) plans, requiring performance benchmarks for asset allocation funds, modifying pooled employer plans, reviewing pension risk transfer guidance, reviewing and reporting on retirement plan reporting and disclosure requirements, eliminating unnecessary plan requirements related to unenrolled participants, establishing rules for the recovery of retirement plan overpayments, and improving coverage for part-time workers. The bill also creates a new "pension-linked emergency savings account" that can be offered as part of a defined contribution retirement plan, allowing employees to save for short-term emergencies through automatic contributions. Additionally, the bill includes provisions related to defined contribution plan fee disclosures, notice consolidation, information on lump sum distributions, and defined benefit plan funding notices. The bill also establishes the "Worker Ownership, Readiness, and Knowledge (WORK) Act" to promote employee ownership of businesses, and requires a report on the impact of inflation on retirement savings.

Health and Social Services

https://www.congress.gov/bill/117th-congress/senate-bill/4353/all-info