Senate Panel Introduces Retirement Bill as Part of Secure Act 2.0 Plan

What You Need to Know

The bill will be marked up on June 14 in the Senate HELP Committee.
Murray’s Rise & Shine Act builds off the Securing a Strong Retirement Act of 2021, or Secure 2.0, which passed the House on March 29.
The bill updates the dollar limit for mandatory distributions from IRAs.

Sen. Patty Murray, D-Wash., chairwoman of the Senate Health, Education, Labor & Pensions Committee, introduced Tuesday the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg, or Rise & Shine Act, legislation that she hopes will be included in the Senate’s version of Secure Act 2.0.

The bill, which she introduced with the committee’s top Republican, Richard Burr of North Carolina, will be marked up on June 14.

The Senators released a discussion draft of the bill on May 26, and sought feedback.

Murray’s Rise & Shine Act builds off the Securing a Strong Retirement Act of 2021, known as Secure 2.0, which passed the House on March 29, as well as the Retirement Improvement and Savings Enhancement Act, or RISE Act, and the Retirement Security & Savings Act, introduced by Sens. Ben Cardin, D-Md., and Rob Portman, R-Ohio.

“The COVID pandemic upended our economy — and with it, the finances of millions of families in Washington state and across the country. We need to do everything we can to help people get on solid financial footing — which is why I’m working to lower families’ costs, and on bipartisan legislation to help people save for their futures,” Murray said Tuesday in a statement. “I look forward to marking this bill up in Committee next week, and working with our colleagues to pass it into law.”