House Ed and Labor Markup
House Education and Labor Committee
Markup of H.R. 5891, the Retirement Improvement and Savings Enhancement Act
Wednesday, November 10, 2021
Bills Considered
Opening Statements
Chairman Bobby Scott (D-Va.)
In his opening statement, Scott summarized H.R. 5891 and discussed the 55 million Americans who lack access to retirement benefits through their employer. He stated that the bill would strengthen retirement security and make meaningful improvements to the retirement system.
Ranking Member Virginia Foxx (R-N.C.)
In her opening statement, Foxx described the bill as targeted and balanced, highlighting its bipartisan support, and explained the need for reform since the Employee Retirement Income Security Act’s (ERISA) enactment. She emphasized the importance of raising the threshold that employers can rollover into Individual Retirement Accounts (IRA) for former employees, establishing a retirement savings lost and found database, reducing the cost to job creators of offering retirement benefits, and expanding access to retirement accounts for part-time workers. Foxx highlighted the deficit neutral nature of the bill and stated that Committee Republicans will insist that any related retirement legislation be deficit neutral.
H.R. 5891, The Retirement Improvement and Savings Enhancement (RISE) Act
Scott introduced his bill H.R. 5891, which would make changes to America’s retirement system to help workers and retirees plan and save for a secure retirement. Rep. Joseph Morelle offered his Amendment in Nature of a Substitute (ANS), which would add “of 2021” to the short title of the bill, and emphasized the need to ensure workers have a secure retirement and the bipartisan nature of the bill. Rep. Rick Allen (R-Ga.) praised the bill for updating retirement laws and providing businesses with more incentives to participate in retirement plans. He added that more needs to be done to help Americans save for retirement and modernize our retirement system since the establishment of ERISA. Rep. Kathy Manning (D-N.C.) explained the current lack of access to retirement savings, especially for women, and highlighted her provision in the bill, the Improving Part Time Workers Access to Retirement Act, that would make it easier for long-term, part-time workers to access retirement. Rep. Tim Walberg (R-Mich.) discussed section three of the bill, which reduces administrative costs for employers to offer plans. He also drew attention to the LIFE Act that he introduced last Congress to enable greater use of lifetime income products. Rep. Donald Norcross (D-N.J.) discussed the drop in pension availability to Americans and the need to support annuities and lifetime income. Rep. Pramila Jayapal (D-Wash.) explained the retirement crisis, citing the impact on longshoreman, truck drivers, and healthcare workers as examples, and its disproportional impact on minorities. She also discussed the tole of the pandemic on families and workers’ retirement savings and listed beneficiaries of the bill including part-time workers, nonprofits, and students. Jayapal then expressed her support for increasing the asset limit and indexing it to inflation going forward, the PRO Act, and the EMPOWERS Act. Rep. Susan Wild (D-Pa.) discussed a provision in the bill lowering administrative costs for employers, and Rep. Frank Mrvan (D-Ind.) highlighted the inclusion of his Pension Risk Transfer Accountability Act. Rep. Frederica Wilson (D-Fla.) discussed Florida’s retiree population and several of the bill’s provisions including the lost and found database and pension risk transfer provisions and cutting red tape for small employers. Rep. Andy Levin (D-Mich.) explained his support for consideration and clarification of rules around environment, social, and governance (ESG) investing. Rep. Alma Adams (D-N.C.) talked about the tole of the pandemic on retirees and the need to incentivize participation in retirement plans, and Rep. Mark Takano (D-Calif.) praised the Committee for its bipartisanship on the bill.
The ANS was agreed to, and the amended measure was reported favorably to the House by voice vote.
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