RISE & SHINE Act Approved by Committee

The Senate Health, Education, Labor and Pension (HELP) Committee unanimously passed out of committee S.4353 the Retirement Improvement and Savings Enhancement to Supplemental Healthy Investments for the Nest Egg (RISE & SHINE) Act (previously announced), with two amendments.

Amendments discussed and approved during the hearing for inclusion in the bill are:

• A proposal to allow domestic relations orders to be made pursuant to tribal court domestic relations law, brought forth by Senator Tina Smith (D-MN), and
• A directive to have the Department of Labor study the effects of inflation on retirement readiness by Senator Roger Marshall (R-KS).

The House of Representatives similarly passed its own retirement reform proposal in March. The Senate Finance committee is expected to release and hold a hearing on its version of a retirement package by the end of the month. The legislation will be monitored for further developments.