U.S. Legislative Efforts

A look at federal bills, committee hearings and agency initiatives

117th Congress

House Bills

• Military Spouses Retirement Security Act (HR 1453)
• Public Service Retirement Fairness Act (HR 2741)
• Encourage Americans to Save Act (EASA) (HR 2913)   
• Retirement Parity for Student Loans Act of 2021 (HR 2917)   
• SAVE Act of 2021 (HR 2927) 
• Increasing the catch-up contribution limit for retirement plans of participants age 62 through 64 (HR 2942)
• Reducing the retirement plan period of service requirements for long-term, part-time employees (HR 2944)
• Securing a Strong Retirement Act of 2021 [SECURE Act 2.0] (HR 2954)
• Airline Pilots Retirement Security Act (HR 3038)
• Financial Factors in Selecting Retirement Plan Investments Act (HR 3387)
• Expanding Access to Retirement Savings for Caregivers Act (HR 3644)
• Women's Retirement Protection Act (HR 4678)
• RISE Act (HR 5891)
  
• Disaster Retirement Savings Act (HR 6241)
• Lifetime Income For Employees Act (HR 6746)
  
• Auto Reenroll Act of 2022 (HR 6782)
• Enhancing Emergency and Retirement Savings Act of 2022 (HR 7146)
  

• Informed Savers Act (HR 7284)
  

• Protecting America’s Retirement Security Act (HR 7310)
  
• Starter-K Act of 2022 (HR 8125)
  
• Retirement Protection Act of 2022 (HR 8579)
  

Senate Bills

• SIMPLE Plan Modernization Act (S 1272)
• Military Spouses Retirement Security Act (S 1273)
• Improving Access to Retirement Savings Act (S 1703)
• Retirement Savings Lost and Found Act of 2021 (S 1730)
• Financial Factors in Selecting Retirement Plan Investments Act (S 1762)
• Retirement Security & Savings Act (S 1770)
• Enhancing Emergency and Retirement Savings Act of 2021 (S 1870)
• Keeping Your Retirement Act of 2021 (S 1959)
• Women's Retirement Protection Act (S 2446)
• Encouraging Americans to Save Act (S 2452)
• Refund to Rainy Day Savings Act (S 2600)
• Strengthening Financial Security Through Short-Term Savings Accounts Act (S 2601)
• Retirement Security Flexibility Act (S 2602)
• Commission on Retirement Security Act (S 2603)
• Creating portable retirement and investment accounts for all Americans (S 2870)
• Safeguarding American Families and Expanding Social Security (SAFE Social Security) Act (S 3070)
  
• Auto Reenroll Act of 2022 (S 3712)
  
• Equal Opportunity for all Investors Act (S 3921)
  
• Simplifying Small Business Retirement Savings Act (S 4154)
  
• Emergency Savings Act of 2022 (S 4310)
  
• RISE & SHINE Act (S 4353)
  
• Advancing Auto-Portability Act of 2022 (S 4406)
  
• Maximize Americans' Retirement Security Act (S 4613)
  
• EARN Act (S 4808)
  

Hearings

• Rise and Shine: Improving Retirement and Enhancing Savings, United States Senate Committee on Health, Education, Labor & Pensions, 3/29/22
  
• Improving Retirement Security and Access to Mental Health Benefits, United States Senate Committee on Health, Employment, Labor & Pensions, 3/1/22
  
• A Financially Secure Future: Building a Stronger Retirement System for All Americans, United States Senate Special Committee on Aging, 10/28/21
  
• Building on Bipartisan Retirement Legislation: How Can Congress Help? United States Senate Committee on Finance, 7/28/21
• Examining Pathways to Build a Stronger, More Inclusive Retirement System, United States House Health, Employment, Labor, & Pensions Subcommittee, 6/23/21
• Retirement Security: Building a Better Future, United States Senate Committee on Health, Education, Labor & Pensions, 5/13/21

• Investigating Challenges to American Retirement Security, United States Senate Committee on Finance, 12/9/20
  
• Keeping Our Promise to America’s Seniors – Retirement Security in the 21st Century, United States House Committee on the Budget, 5/10/19
  
• Challenges in the Retirement System, United States Senate Finance Committee, 5/14/19
  
• Financial Security in Retirement: Innovations and Best Practices to Promote Savings, United States Senate Special Committee on Aging, 2/6/19
  
• Improving Retirement Security for America's Workers, United States House Ways & Means Committee, 2/6/19
  
• Exploring the ‘Gig Economy’ and the Future of Retirement Savings, United States Senate Committee on Health, Education, Labor & Pensions, 2/6/18
  

Agency Initiatives and Resources

• Secretary Walsh Launches Series of US Department of Labor Retirement Security Reform Roundtables, Welcomes New Stakeholders' Views, DOL, 4/25/22 [press release]
  
• Temporary Implementing FAQs: Pension Benefit Statements - Lifetime Income Illustrations Interim Final Rule, DOL, 7/26/21
  
• Pension Benefit Statements – Lifetime Income Illustrations (interim final rule) and Fact Sheet, DOL, 8/18/20
• Default Electronic Disclosure by Employee Pension Benefit Plans Under ERISA (final rule) and Fact Sheet, DOL, 5/27/20
  
• Lifetime Income Solutions as a Qualified Default Investment Alternative (QDIA) – Focus on Decumulation and Rollovers, Advisory Council on Employee Welfare and Pension Benefit Plans, November 2018
  
• Definition of ‘‘Employer’’ Under Section 3(5) of ERISA—Association Retirement Plans and Other Multiple-Employer Plans (proposed rule), DOL, 10/23/18
  

• Treasury Announces Steps to Wind Down myRA Program, Dept of Treasury, 7/28/17 [press release]

• Savings Arrangements Established by Qualified State Political Subdivisions for Non-Governmental Employees, EBSA, final rule, 12/20/16 [note: disapproved by P.L. 115-24]​
• Savings Arrangements Established by States for Non-Governmental Employees​, EBSA, final rule, 8/30/16​ [note: disapproved by P.L. ​115-35]
  

• Interpretive Bulletin Relating to State Savings Programs That Sponsor or Facilitate Plans Covered by the Employee Retirement Income Security Act of 1974, DOL EBSA, 11/18/15 
  
• Field Assistance Bulletin (FAB) 2015-02: Selection and Monitoring under the Annuity Selection Safe Harbor Regulation for Defined Contribution Plans​, DOL EBSA, 7/13/15 ​
  
• Notice 2015-49​: Use of Lump Sum Payments to Replace Lifetime Income Being Received by Retirees Under Defined Benefit Pension Plans, IRS, July 2015 ​
  

U.S. Government Accountability Office (GAO) Reports

• Retirement Security: Recent Efforts by Other Countries to Expand Plan Coverage and Facilitate Savings, GAO, 8/29/22
  
• 401(k) Retirement Plans: Many Participants Do Not Understand Fee Information, but DOL Could Take Additional Steps to Help Them, GAO, 8/26/21
  
• Retirement Security: Debt Increased for Older Americans over Time, but the Implications Vary by Debt Type, GAO, 5/17/21
• Retirement Security: Older Women Report Facing a Financially Uncertain Future, GAO, 9/24/20
  
• Retirement Security: DOL Could Better Inform Divorcing Parties About Dividing Savings (QDROs), GAO, 8/28/20
  
• Retirement Security: Older Women Report Facing a Financially Uncertain Future, GAO, 8/13/20
  
• Retirement Security: Trends in Corporate Restructurings and Implications for Employee Pensions, GAO, 7/12/19
  
• Retirement Security: Some Parental and Spousal Caregivers Face Financial Risks, GAO, 5/31/19
  
• Retirement Savings: Additional Data and Analysis Could Provide Insight into Early Withdrawals, GAO, 4/29/19
  
• Retirement Accounts: Federal Action Needed to Clarify Tax Treatment of Unclaimed 401(k) Plan Savings Transferred to States, GAO, 2/19/19
  
• The Nation's Retirement System: A Comprehensive Re-evaluation Needed to Better Promote Future Retirement Security, GAO, 2/6/19
  
• Older Workers: Phased Retirement Programs, Although Uncommon, Provide Flexibility for Workers and Employers, GAO, 7/20/17
  
• Retirement Security: Low Defined Contribution Savings May Pose Challenges​, GAO, 5/5/16 
  
• Retirement Security: Shorter Life Expectancy Reduces Projected Lifetime Benefits for Lower Earners​, GAO, 4/4/16 
  
• Retirement Security: Better Information on Income Replacement Rates Needed to Help Workers Plan for Retirement​, GAO, 3/1/16 ​