U.S. Rep. Teresa Leger Fernández
WASHINGTON, D.C. — Wednesday, the Education and Labor Committee passed the bipartisan Retirement Improvement and Savings Enhancement (RISE) Act to expand American workers’ access to secure retirement. The Congresswoman is a member of the Committee.
“Too many hardworking New Mexicans struggle to keep up with their monthly payments and are unable to save for retirement,” Leger Fernández said. “We are called to create an economy where every American worker can achieve the retirement they deserve – one with dignity and security. The RISE Act will bring critical changes to the retirement system to provide New Mexican workers, employers, and retirees with the tools needed to make retirement planning easier and more accessible.”
In New Mexico, 67 percent of private-sector workers have $0 saved for retirement, a larger percentage than the national average. Additionally, one third of New Mexicans aged 65+ rely on Social Security income for more than 90 percent of their family income.
The RISE Act makes an array of improvements to America’s retirement system to better help workers and retirees plan and save for secure retirement.
- Establishes an online, searchable “Retirement Lost and Found” database at the Department of Labor to help workers locate their hard-earned retirement savings as they move from job to job.
- Allows 403(b) retirement plans to participate in multiple employer plans and pooled employer plans.
- Ensures more part-time workers are offered opportunities to join retirement savings plans.
- Reduces the burden on retirees for recovery of inadvertent overpayments.
- Enables employers to provide small financial incentives, such as low-dollar gift cards, to incentivize workers’ participation in retirement plans.
- Simplifies and clarifies reporting and disclosure requirements related to retirement plans.
For a fact sheet on the RISE Act, click here.