II 

117TH CONGRESS 

2D SESSION S. 4353 

To amend the Employee Retirement Income Security Act of 1974 and the 

Internal Revenue Code of 1986 to improve retirement plan provisions, 

and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

JUNE 7, 2022 

Mrs. MURRAY (for herself and Mr. BURR) introduced the following bill; which 

was read twice and referred to the Committee on Health, Education, 

Labor, and Pensions 

A BILL 

To amend the Employee Retirement Income Security Act 

of 1974 and the Internal Revenue Code of 1986 to 

improve retirement plan provisions, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Retirement Improvement and Savings Enhancement to 

6 Supplement Healthy Investments for the Nest Egg Act’’ 

7 or the ‘‘RISE & SHINE Act’’. 


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1 (b) TABLE OF CONTENTS.—The table of contents for 

2 this Act is as follows: 

Sec. 1. Short title; table of contents. 

TITLE I—RETIREMENT IMPROVEMENT AND SAVINGS 

ENHANCEMENT (RISE) 

Sec. 101. Updating dollar limit for mandatory distributions. 

Sec. 102. Multiple employer 403(b) plans. 

Sec. 103. Performance benchmarks for asset allocation funds. 

Sec. 104. Pooled employer plans modification. 

Sec. 105. Review of pension risk transfer interpretive bulletin. 

Sec. 106. Review and report to Congress relating to reporting and disclosure 

requirements. 

Sec. 107. Eliminating unnecessary plan requirements related to unenrolled participants. 

Sec. 108. Recovery of retirement plan overpayments. 

Sec. 109. Improving coverage for part-time workers. 

TITLE II—EMERGENCY SAVINGS ACT OF 2022 

Sec. 201. Short title. 

Sec. 202. Emergency savings accounts linked to defined contribution plans. 

TITLE III—NOTICE AND DISCLOSURE 

Sec. 301. Defined contribution plan fee disclosure improvements. 

Sec. 302. Consolidation of defined contribution plan notices. 

Sec. 303. Information needed for Financial Options Risk Mitigation Act. 

Sec. 304. Defined benefit annual funding notices. 

TITLE IV—MODERNIZATION 

Sec. 401. Automatic reenrollment under qualified automatic contribution arrangements and eligible automatic contribution arrangements. 

Sec. 402. Incidental plan expenses. 

TITLE V—AMENDMENTS TO PLANS OFFERED BY MULTIPLE 

EMPLOYERS 

Sec. 501. Report on pooled employer plans. 

Sec. 502. Annual audits for group of plans. 

TITLE VI—DEFINED BENEFIT PLAN PROVISIONS 

Sec. 601. Cash balance. 

Sec. 602. Termination of variable rate premium indexing. 

Sec. 603. Enhancing retiree health benefits in pension plans. 

TITLE VII—ADDITIONAL RETIREMENT ENHANCEMENTS 

Sec. 701. Provisions relating to plan amendments. 

Sec. 702. Worker Ownership, Readiness, and Knowledge (WORK) Act. 


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1 TITLE I—RETIREMENT IM2 PROVEMENT AND SAVINGS 

3 ENHANCEMENT (RISE) 

4 SEC. 101. UPDATING DOLLAR LIMIT FOR MANDATORY DIS5 TRIBUTIONS. 

6 (a) IN GENERAL.—Section 203(e)(1) of the Em7 ployee Retirement Income Security Act of 1974 (29 

8 U.S.C. 1053(e)(1)) and sections 401(a)(31)(B)(ii) and 

9 411(a)(11)(A) of the Internal Revenue Code of 1986 are 

10 each amended by striking ‘‘$5,000’’ and inserting 

11 ‘‘$7,000’’. 

12 (b) EFFECTIVE DATE.—The amendments made by 

13 this section shall apply to distributions made after Decem14 ber 31, 2023. 

15 SEC. 102. MULTIPLE EMPLOYER 403(b) PLANS. 

16 (a) IN GENERAL.—Section 3(43)(A) of the Employee 

17 Retirement Income Security Act of 1974 (29 U.S.C. 

18 1002(43)(A)) is amended— 

19 (1) in clause (ii), by striking ‘‘section 501(a) of 

20 such Code or’’ and inserting ‘‘section 501(a) of such 

21 Code, a plan that consists of contracts described in 

22 section 403(b) of such Code, or’’; and 

23 (2) in the flush text at the end, by striking ‘‘the 

24 plan.’’ and inserting ‘‘the plan, but such term shall 

25 include any program (other than a governmental 


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1 plan) maintained for the benefit of the employees of 

2 more than 1 employer that consists of contracts de3 scribed in section 403(b) of such Code and that 

4 meets the requirements of subparagraph (A) or (B) 

5 of section 413(e)(1) of such Code.’’. 

6 (b) CONFORMING AMENDMENTS.—Sections 

7 3(43)(B)(v)(II) and 3(44)(A)(i)(I) of the Employee Re8 tirement Income Security Act of 1974 (29 U.S.C. 

9 1002(43)(B)(v)(II) and 1002(44)(A)(i)(I)) are each 

10 amended by striking ‘‘section 401(a) of such Code or’’ and 

11 inserting ‘‘section 401(a) of such Code, a plan that con12 sists of contracts described in section 403(b) of such Code, 

13 or’’. 

14 (c) EFFECTIVE DATE.—The amendments made by 

15 this section shall apply to plan years beginning after De16 cember 31, 2022. 

17 SEC. 103. PERFORMANCE BENCHMARKS FOR ASSET ALLO18 CATION FUNDS. 

19 (a) IN GENERAL.—Not later than 2 years after the 

20 date of enactment of this Act, the Secretary of Labor shall 

21 promulgate regulations providing that, in the case of a 

22 designated investment alternative that contains a mix of 

23 asset classes, the administrator of a plan may, but is not 

24 required to, use a benchmark that is a blend of different 

25 broad-based securities market indices if— 


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1 (1) the blend is reasonably representative of the 

2 asset class holdings of the designated investment al3 ternative; 

4 (2) for purposes of determining the blend’s re5 turns for 1-, 5-, and 10-calendar-year periods (or for 

6 the life of the alternative, if shorter), the blend is 

7 modified at least once per year to reflect changes in 

8 the asset class holdings of the designated investment 

9 alternative; 

10 (3) the blend is furnished to participants and 

11 beneficiaries in a manner that is reasonably designed 

12 to be understandable; and 

13 (4) each securities market index that is used for 

14 an associated asset class would separately satisfy the 

15 requirements of such regulation for such asset class. 

16 (b) STUDY.—Not later than 3 years after the date 

17 of enactment of this Act, the Secretary of Labor shall de18 liver a report to the Committees on Finance and Health, 

19 Education, Labor, and Pensions of the Senate and the 

20 Committees on Ways and Means and Education and 

21 Labor of the House of Representatives regarding the utili22 zation, effectiveness, and participants’ understanding of 

23 the benchmarking requirements under this section. 


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1 SEC. 104. POOLED EMPLOYER PLANS MODIFICATION. 

2 (a) IN GENERAL.—Section 3(43)(B)(ii) of the Em3 ployee Retirement Income Security Act of 1974 (29 

4 U.S.C. 1002(43)(B)(ii)) is amended to read as follows: 

5 ‘‘(ii) designate a named fiduciary 

6 (other than an employer in the plan) to be 

7 responsible for collecting contributions to 

8 the plan and require such fiduciary to im9 plement written contribution collection pro10 cedures that are reasonable, diligent, and 

11 systematic;’’. 

12 (b) EFFECTIVE DATE.—The amendments made by 

13 this section shall apply to plan years beginning after De14 cember 31, 2022. 

15 SEC. 105. REVIEW OF PENSION RISK TRANSFER INTERPRE16 TIVE BULLETIN. 

17 Not later than 1 year after the date of enactment 

18 of this Act, the Secretary of Labor shall— 

19 (1) review section 2509.95–1 of title 29, Code 

20 of Federal Regulations (relating to the fiduciary 

21 standards under the Employee Retirement Income 

22 Security Act of 1974 when selecting an annuity pro23 vider for a defined benefit pension plan) and consult 

24 with the Advisory Council on Employee Welfare and 

25 Pension Benefit Plans (established under section 

26 512 of the Employee Retirement Income Security 


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1 Act of 1974 (29 U.S.C. 1142)), to determine wheth2 er amendments to section 2509.95–1 of title 29, 

3 Code of Federal Regulations are warranted; and 

4 (2) report to Congress on the findings of such 

5 review and consultation, including an assessment of 

6 any risk to participants. 

7 SEC. 106. REVIEW AND REPORT TO CONGRESS RELATING 

8 TO REPORTING AND DISCLOSURE REQUIRE9 MENTS. 

10 (a) STUDY.—As soon as practicable after the date of 

11 enactment of this Act, the Secretary of Labor, the Sec12 retary of the Treasury, and the Director of the Pension 

13 Benefit Guaranty Corporation shall review the reporting 

14 and disclosure requirements, as applicable to each such 

15 agency head, of the Employee Retirement Income Security 

16 Act of 1974 applicable to pension plans (as defined in sec17 tion 3(2) of such Act (29 U.S.C. 1002(2))). 

18 (b) REPORT.— 

19 (1) IN GENERAL.—Not later than 3 years after 

20 the date of enactment of this Act, the Secretary of 

21 Labor, the Secretary of the Treasury, and the Direc22 tor of the Pension Benefit Guaranty Corporation, 

23 jointly, and after consultation with a balanced group 

24 of participant and employer representatives, shall 

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1 port on the effectiveness of the applicable reporting 

2 and disclosure requirements and make such rec3 ommendations as may be appropriate to the Com4 mittee on Education and Labor and the Committee 

5 on Ways and Means of the House of Representatives 

6 and the Committee on Health, Education, Labor, 

7 and Pensions and the Committee on Finance of the 

8 Senate to consolidate, simplify, standardize, and im9 prove such requirements so as to simplify reporting 

10 for such plans and ensure that plans can furnish 

11 and participants and beneficiaries timely receive and 

12 better understand the information they need to mon13 itor their plans, plan for retirement, and obtain the 

14 benefits they have earned. 

15 (2) ANALYSIS OF EFFECTIVENESS.—To assess 

16 the effectiveness of the applicable reporting and dis17 closure requirements, the report shall include an 

18 analysis, based on plan data, of how participants 

19 and beneficiaries are providing preferred contact in20 formation, the methods by which plan sponsors and 

21 plans are furnishing disclosures, and the rate at 

22 which participants and beneficiaries (grouped by key 

23 demographics) are receiving, accessing, under24 standing, and retaining disclosures. 


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1 (3) COLLECTION OF INFORMATION.—The agen2 cies shall conduct appropriate surveys and data col3 lection to obtain any needed information. 

4 SEC. 107. ELIMINATING UNNECESSARY PLAN REQUIRE5 MENTS RELATED TO UNENROLLED PARTICI6 PANTS. 

7 (a) AMENDMENT OF EMPLOYEE RETIREMENT IN8 COME SECURITY ACT OF 1974.— 

9 (1) IN GENERAL.—Part 1 of subtitle B of title 

10 I of the Employee Retirement Income Security Act 

11 of 1974 (29 U.S.C. 1021 et seq.) is amended by re12 designating section 111 as section 112 and by in13 serting after section 110 the following new section: 

14 ‘‘SEC. 111. ELIMINATING UNNECESSARY PLAN REQUIRE15 MENTS RELATED TO UNENROLLED PARTICI16 PANTS. 

17 ‘‘(a) IN GENERAL.—Notwithstanding any other pro18 vision of this title, with respect to any individual account 

19 plan, no disclosure, notice, or other plan document (other 

20 than the notices and documents described in paragraphs 

21 (1) and (2)) shall be required to be furnished under this 

22 title to any unenrolled participant if the unenrolled partici23 pant is furnished— 


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1 ‘‘(1) an annual reminder notice of such partici2 pant’s eligibility to participate in such plan and any 

3 applicable election deadlines under the plan; and 

4 ‘‘(2) any document requested by such partici5 pant that the participant would be entitled to receive 

6 notwithstanding this section. 

7 ‘‘(b) UNENROLLED PARTICIPANT.—For purposes of 

8 this section, the term ‘unenrolled participant’ means an 

9 employee who— 

10 ‘‘(1) is eligible to participate in an individual 

11 account plan; 

12 ‘‘(2) has been furnished— 

13 ‘‘(A) the summary plan description pursu14 ant to section 104(b); and 

15 ‘‘(B) any other notices related to eligibility 

16 under the plan required to be furnished under 

17 this title, or the Internal Revenue Code of 

18 1986, in connection with such participant’s ini19 tial eligibility to participate in such plan; 

20 ‘‘(3) does not have an account balance in the 

21 plan; and 

22 ‘‘(4) satisfies such other criteria as the Sec23 retary of Labor may determine appropriate, as pre24 scribed in guidance issued in consultation with the 

25 Secretary of the Treasury. 


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1 For purposes of this section, any eligibility to participate 

2 in the plan following any period for which such employee 

3 was not eligible to participate shall be treated as initial 

4 eligibility. 

5 ‘‘(c) ANNUAL REMINDER NOTICE.—For purposes of 

6 this section, the term ‘annual reminder notice’ means a 

7 notice provided in accordance with section 2520.104b–1 

8 of title 29, Code of Federal Regulations (or any successor 

9 regulation), which— 

10 ‘‘(1) is furnished in connection with the annual 

11 open season election period with respect to the plan 

12 or, if there is no such period, is furnished within a 

13 reasonable period prior to the beginning of each plan 

14 year; 

15 ‘‘(2) notifies the unenrolled participant of— 

16 ‘‘(A) the unenrolled participant’s eligibility 

17 to participate in the plan; and 

18 ‘‘(B) the key benefits and rights under the 

19 plan, with a focus on employer contributions 

20 and vesting provisions; and 

21 ‘‘(3) provides such information in a prominent 

22 manner and calculated to be understood by the aver23 age participant.’’. 

24 (2) CLERICAL AMENDMENT.—The table of con25 tents in section 1 of the Employee Retirement InVerDate Sep 11 2014 22:06 Jun 08, 2022 Jkt 029200 PO 00000 Frm 00011 Fmt 6652 Sfmt 6201 E:\BILLS\S4353.IS S4353

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1 come Security Act of 1974 is amended by striking 

2 the item relating to section 111 and by inserting 

3 after the item relating to section 110 the following 

4 new items: 

‘‘Sec. 111. Eliminating unnecessary plan requirements related to unenrolled 

participants. 

‘‘Sec. 112. Repeal and effective date.’’. 

5 (b) AMENDMENT OF INTERNAL REVENUE CODE OF

6 1986.—Section 414 of the Internal Revenue Code of 1986 

7 is amended by adding at the end the following new sub8 section: 

9 ‘‘(aa) ELIMINATING UNNECESSARY PLAN REQUIRE10 MENTS RELATED TO UNENROLLED PARTICIPANTS.— 

11 ‘‘(1) IN GENERAL.—Notwithstanding any other 

12 provision of this title, with respect to any defined 

13 contribution plan, no disclosure, notice, or other plan 

14 document (other than the notices and documents de15 scribed in subparagraphs (A) and (B)) shall be re16 quired to be furnished under this title to any 

17 unenrolled participant if the unenrolled participant 

18 is furnished— 

19 ‘‘(A) an annual reminder notice of such 

20 participant’s eligibility to participate in such 

21 plan and any applicable election deadlines under 

22 the plan, and 


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1 ‘‘(B) any document requested by such par2 ticipant that the participant would be entitled 

3 to receive notwithstanding this subsection. 

4 ‘‘(2) UNENROLLED PARTICIPANT.—For pur5 poses of this subsection, the term ‘unenrolled partici6 pant’ means an employee who— 

7 ‘‘(A) is eligible to participate in a defined 

8 contribution plan, 

9 ‘‘(B) has been furnished— 

10 ‘‘(i) the summary plan description 

11 pursuant to section 104(b) of the Em12 ployee Retirement Income Security Act of 

13 1974, and 

14 ‘‘(ii) any other notices related to eligi15 bility under the plan and required to be 

16 furnished under this title, or the Employee 

17 Retirement Income Security Act of 1974, 

18 in connection with such participant’s initial 

19 eligibility to participate in such plan, 

20 ‘‘(C) does not have an account balance in 

21 the plan, and 

22 ‘‘(D) satisfies such other criteria as the 

23 Secretary of the Treasury may determine ap24 propriate, as prescribed in guidance issued in 

25 consultation with the Secretary of Labor. 


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1 For purposes of this subsection, any eligibility to 

2 participate in the plan following any period for 

3 which such employee was not eligible to participate 

4 shall be treated as initial eligibility. 

5 ‘‘(3) ANNUAL REMINDER NOTICE.—For pur6 poses of this subsection, the term ‘annual reminder 

7 notice’ means the notice described in section 111(c) 

8 of the Employee Retirement Income Security Act of 

9 1974.’’. 

10 (c) EFFECTIVE DATE.—The amendments made by 

11 this section shall apply to plan years beginning after De12 cember 31, 2022. 

13 SEC. 108. RECOVERY OF RETIREMENT PLAN OVERPAY14 MENTS. 

15 (a) OVERPAYMENTS UNDER ERISA.—Section 206 of 

16 the Employee Retirement Income Security Act of 1974 

17 (29 U.S.C. 1056) is amended by adding at the end the 

18 following new subsection: 

19 ‘‘(h) SPECIAL RULES APPLICABLE TO BENEFIT

20 OVERPAYMENTS.— 

21 ‘‘(1) GENERAL RULE.—In the case of an inad22 vertent benefit overpayment by any pension plan, the 

23 responsible plan fiduciary shall not be considered to 

24 have failed to comply with the requirements of this 

25 title merely because such fiduciary determines, in 


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1 the exercise of its fiduciary discretion, not to seek 

2 recovery of all or part of such overpayment from— 

3 ‘‘(A) any participant or beneficiary, 

4 ‘‘(B) any plan sponsor of, or contributing 

5 employer to— 

6 ‘‘(i) an individual account plan, pro7 vided that the amount needed to prevent or 

8 restore any impermissible forfeiture from 

9 any participant’s or beneficiary’s account 

10 arising in connection with the overpayment 

11 is, separately from and independently of 

12 the overpayment, allocated to such account 

13 pursuant to the nonforfeitability require14 ments of section 203 (for example, out of 

15 the plan’s forfeiture account, additional 

16 employer contributions, or recoveries from 

17 those responsible for the overpayment), or 

18 ‘‘(ii) a defined benefit pension plan 

19 subject to the funding rules in part 3 of 

20 this subtitle B, unless the responsible plan 

21 fiduciary determines, in the exercise of its 

22 fiduciary discretion, that failure to recover 

23 all or part of the overpayment faster than 

24 required under such funding rules would 

25 materially affect the plan’s ability to pay 


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1 benefits due to other participants and 

2 beneficiaries, or 

3 ‘‘(C) any fiduciary of the plan, other than 

4 a fiduciary (including a plan sponsor or contrib5 uting employer acting in a fiduciary capacity) 

6 whose breach of its fiduciary duties resulted in 

7 such overpayment, provided that if the plan has 

8 established prudent procedures to prevent and 

9 minimize overpayment of benefits and the rel10 evant plan fiduciaries have followed such proce11 dures, an inadvertent benefit overpayment will 

12 not give rise to a breach of fiduciary duty. 

13 ‘‘(2) REDUCTION IN FUTURE BENEFIT PAY14 MENTS AND RECOVERY FROM RESPONSIBLE

15 PARTY.—Paragraph (1) shall not fail to apply with 

16 respect to any inadvertent benefit overpayment 

17 merely because, after discovering such overpayment, 

18 the responsible plan fiduciary— 

19 ‘‘(A) reduces future benefit payments to 

20 the correct amount provided for under the 

21 terms of the plan, or 

22 ‘‘(B) seeks recovery from the person or 

23 persons responsible for the overpayment. 

24 ‘‘(3) EMPLOYER FUNDING OBLIGATIONS.— 

25 Nothing in this subsection shall relieve an employer 


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1 of any obligation imposed on it to make contribu2 tions to a plan to meet the minimum funding stand3 ards under part 3 of this subtitle B or to prevent 

4 or restore an impermissible forfeiture in accordance 

5 with section 203. 

6 ‘‘(4) RECOUPMENT FROM PARTICIPANTS AND

7 BENEFICIARIES.—If the responsible plan fiduciary, 

8 in the exercise of its fiduciary discretion, decides to 

9 seek recoupment from a participant or beneficiary of 

10 all or part of an inadvertent benefit overpayment 

11 made by the plan to such participant or beneficiary, 

12 it may do so, subject to the following conditions: 

13 ‘‘(A) No interest or other additional 

14 amounts (such as collection costs or fees) are 

15 sought on overpaid amounts for any period. 

16 ‘‘(B) If the plan seeks to recoup past over17 payments of a non-decreasing periodic benefit 

18 by reducing future benefit payments— 

19 ‘‘(i) the reduction ceases after the 

20 plan has recovered the full dollar amount 

21 of the overpayment, 

22 ‘‘(ii) the amount recouped each cal23 endar year does not exceed 10 percent of 

24 the full dollar amount of the overpayment, 

25 and 


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1 ‘‘(iii) future benefit payments are not 

2 reduced to below 90 percent of the periodic 

3 amount otherwise payable under the terms 

4 of the plan. 

5 Alternatively, if the plan seeks to recoup past 

6 overpayments of a non-decreasing periodic ben7 efit through one or more installment payments, 

8 the sum of such installment payments in any 

9 calendar year does not exceed the sum of the 

10 reductions that would be permitted in such year 

11 under the preceding sentence. 

12 ‘‘(C) If the plan seeks to recoup past over13 payments of a benefit other than a non-decreas14 ing periodic benefit, the plan satisfies require15 ments developed by the Secretary for purposes 

16 of this subparagraph. 

17 ‘‘(D) Efforts to recoup overpayments are— 

18 ‘‘(i) not accompanied by threats of 

19 litigation, unless the responsible plan fidu20 ciary reasonably believes it could prevail in 

21 a civil action brought in Federal or State 

22 court to recoup the overpayments, and 

23 ‘‘(ii) not made through a collection 

24 agency or similar third party, unless the 

25 participant or beneficiary ignores or rejects 


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1 efforts to recoup the overpayment following 

2 either a final judgment in Federal or State 

3 court or a settlement between the partici4 pant or beneficiary and the plan, in either 

5 case authorizing such recoupment. 

6 ‘‘(E) Recoupment of past overpayments to 

7 a participant is not sought from any beneficiary 

8 of the participant, including a spouse, surviving 

9 spouse, former spouse, or other beneficiary. 

10 ‘‘(F) Recoupment may not be sought if the 

11 first overpayment occurred more than 3 years 

12 before the participant or beneficiary is first no13 tified in writing of the error. 

14 ‘‘(G) A participant or beneficiary from 

15 whom recoupment is sought is entitled to con16 test all or part of the recoupment pursuant to 

17 the plan’s claims procedures. 

18 ‘‘(H) In determining the amount of 

19 recoupment to seek, the responsible plan fidu20 ciary shall take into account the hardship that 

21 recoupment likely would impose on the partici22 pant or beneficiary. 

23 ‘‘(5) EFFECT OF CULPABILITY.—Subpara24 graphs (A) through (F) of paragraph (4) shall not 

25 apply to protect a participant or beneficiary who is 


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1 culpable. For purposes of this paragraph, a partici2 pant or beneficiary is culpable if the individual bears 

3 responsibility for the overpayment (such as through 

4 misrepresentations or omissions that led to the over5 payment), or if the individual knew, or had good 

6 reason to know under the circumstances, that the 

7 benefit payment or payments were materially in ex8 cess of the correct amount. Notwithstanding the pre9 ceding sentence, an individual is not culpable merely 

10 because the individual believed the benefit payment 

11 or payments were or might be in excess of the cor12 rect amount, if the individual raised that question 

13 with an authorized plan representative and was told 

14 the payment or payments were not in excess of the 

15 correct amount. With respect to a culpable partici16 pant or beneficiary, efforts to recoup overpayments 

17 shall not be made through threats of litigation, un18 less a lawyer for the plan makes a determination 

19 that there is a reasonable likelihood of success to re20 cover an amount that would be greater than the cost 

21 of recovery.’’. 

22 (b) EFFECTIVE DATE.—The amendments made by 

23 this section shall apply as of the date of enactment of this 

24 Act. 


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1 (c) CERTAIN ACTIONS BEFORE DATE OF ENACT2 MENT.—Plans, fiduciaries, employers, and plan sponsors 

3 are entitled to rely on— 

4 (1) a good faith interpretation of then existing 

5 administrative guidance for inadvertent benefit over6 payment recoupments and recoveries that com7 menced before the date of enactment of this Act, 

8 and 

9 (2) determinations made before the date of en10 actment of this Act by the responsible plan fidu11 ciary, in the exercise of its fiduciary discretion, not 

12 to seek recoupment or recovery of all or part of an 

13 inadvertent benefit overpayment. 

14 In the case of a benefit overpayment that occurred prior 

15 to the date of enactment of this Act, any installment pay16 ments by the participant or beneficiary to the plan or any 

17 reduction in periodic benefit payments to the participant 

18 or beneficiary, which were made in recoupment of such 

19 overpayment and which commenced prior to such date, 

20 may continue after such date. Nothing in this subsection 

21 shall relieve a fiduciary from responsibility for an overpay22 ment that resulted from a breach of its fiduciary duties. 


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1 SEC. 109. IMPROVING COVERAGE FOR PART-TIME WORK2 ERS. 

3 (a) IN GENERAL.—Section 202 of the Employee Re4 tirement Income Security Act of 1974 (29 U.S.C. 1052) 

5 is amended by adding at the end the following new sub6 section: 

7 ‘‘(c) SPECIAL RULE FOR CERTAIN PART-TIME EM8 PLOYEES.— 

9 ‘‘(1) IN GENERAL.—A pension plan that in10 cludes either a qualified cash or deferred arrange11 ment (as defined in section 401(k) of the Internal 

12 Revenue Code of 1986) or a salary reduction agree13 ment (as described in section 403(b) of such Code) 

14 shall not require, as a condition of participation in 

15 the arrangement or agreement, that an employee 

16 complete a period of service with the employer (or 

17 employers) maintaining the plan extending beyond 

18 the close of the earlier of— 

19 ‘‘(A) the period permitted under subsection 

20 (a)(1) (determined without regard to subpara21 graph (B)(i) thereof); or 

22 ‘‘(B) the first 24-month period— 

23 ‘‘(i) consisting of 2 consecutive 12- 

24 month periods during each of which the 

25 employee has at least 500 hours of service; 

26 and 


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1 ‘‘(ii) by the close of which the em2 ployee has attained the age of 21. 

3 ‘‘(2) EXCEPTION.—Paragraph (1)(B) shall not 

4 apply to any employee described in section 410(b)(3) 

5 of the Internal Revenue Code of 1986. 

6 ‘‘(3) COORDINATION WITH OTHER RULES.— 

7 ‘‘(A) IN GENERAL.—In the case of employ8 ees who are eligible to participate in the ar9 rangement or agreement solely by reason of 

10 paragraph (1)(B): 

11 ‘‘(i) EXCLUSIONS.—An employer may 

12 elect to exclude such employees from the 

13 application of subsections (a)(4), (k)(3), 

14 (k)(12), (k)(13), and (m)(2) of section 401 

15 of the Internal Revenue Code of 1986 and 

16 section 410(b) of such Code. 

17 ‘‘(ii) NONDISCRIMINATION RULES.— 

18 Notwithstanding paragraph (1), section 

19 401(k)(15)(B)(i)(I) of such Code shall 

20 apply. 

21 ‘‘(iii) TIME OF PARTICIPATION.—The 

22 rules of subsection (a)(4) shall apply to 

23 such employees. 

24 ‘‘(B) TOP-HEAVY RULES.—An employer 

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1 ble to participate in a plan maintained by the 

2 employer solely by reason of paragraph (1)(B) 

3 from the application of the vesting and benefit 

4 requirements under subsections (b) and (c) of 

5 section 416 of the Internal Revenue Code of 

6 1986. 

7 ‘‘(4) 12-MONTH PERIOD.—For purposes of this 

8 subsection, 12-month periods shall be determined in 

9 the same manner as under the last sentence of sub10 section (a)(3)(A), except that 12-month periods be11 ginning before January 1, 2022, shall not be taken 

12 into account.’’. 

13 (b) VESTING.—Section 203(b) of the Employee Re14 tirement Income Security Act of 1974 (29 U.S.C. 

15 1053(b)) is amended by redesignating paragraph (4) as 

16 paragraph (5) and by inserting after paragraph (3) the 

17 following new paragraph: 

18 ‘‘(4) PART-TIME EMPLOYEES.—For purposes of 

19 determining whether an employee who is eligible to 

20 participate in a qualified cash or deferred arrange21 ment or a salary reduction agreement under a plan 

22 solely by reason of section 202(c)(1)(B) has a non23 forfeitable right to employer contributions— 

24 ‘‘(A) except as provided in subparagraph 

25 (B), each 12-month period for which the emVerDate Sep 11 2014 22:06 Jun 08, 2022 Jkt 029200 PO 00000 Frm 00024 Fmt 6652 Sfmt 6201 E:\BILLS\S4353.IS S4353

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1 ployee has at least 500 hours of service shall be 

2 treated as a year of service; and 

3 ‘‘(B) paragraph (3) shall be applied by 

4 substituting ‘at least 500 hours of service’ for 

5 ‘more than 500 hours of service’ in subpara6 graph (A) thereof. 

7 For purposes of this paragraph, 12-month periods 

8 shall be determined in the same manner as under 

9 the last sentence of section 202(a)(3)(A), except that 

10 12-month periods beginning before January 1, 2022, 

11 shall not be taken into account.’’. 

12 (c) EFFECTIVE DATES.—Except as provided in para13 graph (2), the amendments made by this section shall 

14 apply to plan years beginning at least 1 year after final 

15 regulations implementing this section are promulgated. 

16 TITLE II—EMERGENCY SAVINGS 

17 ACT OF 2022 

18 SEC. 201. SHORT TITLE. 

19 This title may be cited as the ‘‘Emergency Savings 

20 Act of 2022’’. 

21 SEC. 202. EMERGENCY SAVINGS ACCOUNTS LINKED TO DE22 FINED CONTRIBUTION PLANS. 

23 (a) EMPLOYEE PENSION BENEFIT PLANS.—Section 

24 3 of the Employee Retirement Income Security Act (29 

25 U.S.C. 1002) is amended— 


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•S 4353 IS

1 (1) in paragraph (2)(A), by inserting after the 

2 first sentence the following: ‘‘A pension plan may in3 clude a pension-linked emergency savings account.’’; 

4 and 

5 (2) by adding at the end the following: 

6 ‘‘(45) PENSION-LINKED EMERGENCY SAVINGS

7 ACCOUNT.—The term ‘pension-linked emergency sav8 ings account’ means an account established or main9 tained by a sponsor of a defined contribution plan 

10 for purposes of offering or providing a participant of 

11 such plan the opportunity to maintain a short-term 

12 savings account that— 

13 ‘‘(A) is offered as part of such defined con14 tribution plan; 

15 ‘‘(B) accepts only— 

16 ‘‘(i) participant contributions which 

17 are treated in the same manner as Roth 

18 contributions for purposes of inclusion in 

19 gross income; and 

20 ‘‘(ii) employer contributions which are 

21 includible in gross income of the partici22 pant for purposes of the Internal Revenue 

23 Code of 1986; and 

24 ‘‘(C) meets the requirements of part 8 of 

25 subtitle B.’’. 


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1 (b) PENSION-LINKED EMERGENCY SAVINGS AC2 COUNTS.— 

3 (1) IN GENERAL.—Subtitle B of title I of the 

4 Employee Retirement Income Security Act (29 

5 U.S.C. 1021 et seq.) is amended by adding at the 

6 end the following: 

7 ‘‘PART 8—PENSION-LINKED EMERGENCY 

8 SAVINGS ACCOUNTS 

9 ‘‘SEC. 801. PENSION-LINKED EMERGENCY SAVINGS AC10 COUNTS. 

11 ‘‘(a) IN GENERAL.—A plan sponsor of a defined con12 tribution plan may make available to participants of such 

13 pension plan a pension-linked emergency savings account. 

14 A plan sponsor that offers participants a pension-linked 

15 emergency savings account may deduct amounts from 

16 each participating employee’s compensation in accordance 

17 with subsection (c) and deposit such amounts, and any 

18 employer contributions under such subsection, to an ac19 count that meets the requirements of subsection (b). 

20 ‘‘(b) ACCOUNT REQUIREMENTS.— 

21 ‘‘(1) IN GENERAL.—A pension-linked emer22 gency savings account offered in accordance with 

23 subsection (a) shall— 

24 ‘‘(A) not have a minimum account balance 

25 requirement; 


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1 ‘‘(B) allow for withdrawal by the partici2 pant of the account balance, in whole or in part 

3 at the discretion of the participant, at least 

4 once per calendar month and for distribution of 

5 such withdrawal to the participant as soon as 

6 practicable but, other than in exceptional cir7 cumstances, not later than 1 week from the 

8 date on which the participant elects to make 

9 such withdrawal; 

10 ‘‘(C) be held as cash, in an interest-bearing 

11 deposit account, or in an investment or insur12 ance product designed to preserve principal and 

13 provide a reasonable rate of return, whether or 

14 not such return is guaranteed, consistent with 

15 liquidity; and 

16 ‘‘(D) not be subject to— 

17 ‘‘(i) any unreasonable fees, restric18 tions, expenses, or charges in connection 

19 with such pension-linked emergency sav20 ings account; and 

21 ‘‘(ii) any fees in connection with the 

22 withdrawal of funds from such pension23 linked emergency savings account other 

24 than reasonable reimbursement fees im25 posed for paper mailings and the handling 


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1 of paper checks related to such pension2 linked emergency savings account. 

3 ‘‘(2) ESTABLISHMENT AND TERMINATION OF

4 ACCOUNT.— 

5 ‘‘(A) ESTABLISHMENT OF ACCOUNT.—The 

6 establishment of a pension-linked emergency 

7 savings account shall be included in the defined 

8 contribution plan document of the associated 

9 defined contribution plan. 

10 ‘‘(B) TERMINATION OF ACCOUNT.—A plan 

11 sponsor may terminate the pension-linked emer12 gency savings account feature of an associated 

13 defined contribution plan at any time. Such ter14 mination shall be treated as if a termination of 

15 employment had occurred in accordance with 

16 subsection (d), except the reasonable time de17 scribed in such subsection shall be as soon as 

18 practicable not later than 60 days after the 

19 date of such termination of the pension-linked 

20 emergency savings account feature of such asso21 ciated defined contribution plan. 

22 ‘‘(c) ACCOUNT CONTRIBUTIONS.— 

23 ‘‘(1) EMPLOYER CONTRIBUTIONS.— 

24 ‘‘(A) IN GENERAL.—Subject to the max25 imum account balance under paragraph (3), a 


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•S 4353 IS

1 plan sponsor may, without regard to any elec2 tion otherwise by a participant, deposit to the 

3 pension-linked emergency savings account of 

4 the participant an amount in addition to the 

5 amount contributed by the participant under 

6 paragraph (2). 

7 ‘‘(B) EMPLOYER CONTRIBUTIONS.—Em8 ployer contributions shall be included in the 

9 gross income of a participant for purposes of 

10 the Internal Revenue Code of 1986. 

11 ‘‘(2) PARTICIPANT CONTRIBUTIONS.— 

12 ‘‘(A) IN GENERAL.—Subject to the max13 imum account balance under paragraph (3)— 

14 ‘‘(i) a plan sponsor may automatically 

15 enroll a participant in the pension-linked 

16 emergency savings account at a participant 

17 contribution rate selected by the plan spon18 sor, which, unless the participant affirma19 tively elects a different percentage of the 

20 compensation of the participant to be con21 tributed to the pension-linked emergency 

22 savings account, may not exceed 3 percent 

23 of the compensation of the participant; or 

24 ‘‘(ii) a participant may enroll in the 

25 pension-linked emergency savings account 


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1 at a participant contribution rate selected 

2 by the participant. 

3 ‘‘(B) CONTROL OF TRANSFER.—A partici4 pant, at any time (subject to such reasonable 

5 advance notice as is required by the plan ad6 ministrator), may— 

7 ‘‘(i) adjust the participant contribu8 tion rate under subparagraph (A) to the 

9 pension-linked emergency savings account 

10 of the participant; or 

11 ‘‘(ii) opt out of or pause for a speci12 fied period of time such contributions. 

13 ‘‘(C) ADJUSTMENT OF PARTICIPANT CON14 TRIBUTION RATE BY PLAN SPONSOR.—A plan 

15 sponsor may adjust the participant contribution 

16 rate selected by such plan sponsor described in 

17 subparagraph (A)(i) not more than once annu18 ally. 

19 ‘‘(3) ACCOUNT LIMITS.— 

20 ‘‘(A) IN GENERAL.—Subject to subpara21 graph (B), no contributions under paragraphs 

22 (1) and (2) shall be accepted to the extent such 

23 contributions would cause the balance of the 

24 pension-linked emergency savings account to ex25 ceed the lesser of— 


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1 ‘‘(i) $2,500; or 

2 ‘‘(ii) an amount determined by the 

3 plan sponsor of the pension-linked emer4 gency savings account. 

5 In the case of contributions made in taxable 

6 years beginning after December 1, 2023, the 

7 Secretary shall adjust the amount under clause 

8 (i) at the same time and in the same manner 

9 as the adjustment made by the Secretary of the 

10 Treasury under section 415(d) of the Internal 

11 Revenue Code of 1986, except that the base pe12 riod shall be the calendar quarter beginning 

13 July 1, 2022. Any increase under the preceding 

14 sentence which is not a multiple of $100 shall 

15 be rounded to the next lowest multiple of $100. 

16 ‘‘(B) EXCESS CONTRIBUTIONS DIRECTED

17 TO PLAN.—To the extent any elected contribu18 tions under paragraphs (1) and (2) to the pen19 sion-linked emergency savings account of a par20 ticipant for a taxable year would cause the bal21 ance of the pension-linked emergency savings 

22 account to exceed the maximum account bal23 ance described in subparagraph (A)— 

24 ‘‘(i) the participant may be treated as 

25 having elected to increase the participant’s 


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•S 4353 IS

1 contributions to the associated defined con2 tribution plan by an amount not more than 

3 the rate at which contributions were being 

4 made to the pension-linked emergency sav5 ings account, and 

6 ‘‘(ii) any such contributions shall be 

7 treated as elective deferrals (as such term 

8 is defined in section 402(g)(3) of the Inter9 nal Revenue Code of 1986) under such 

10 plan and shall be contributed to the plan 

11 on behalf of the participant instead of to 

12 the pension-linked emergency savings ac13 count. 

14 ‘‘(4) DISCLOSURE BY PLAN SPONSOR OF

15 TRANSFER.— 

16 ‘‘(A) IN GENERAL.—Not less than 15 days 

17 prior to the date on which the first transfer 

18 under this subsection occurs, the percentage of 

19 compensation and amount of the participant’s 

20 compensation transferred under paragraph (1) 

21 is adjusted, or the plan sponsor adjusts the per22 centage of compensation of the automatic par23 ticipant contribution under paragraph (2)(A)(i), 

24 the plan sponsor shall provide to the participant 

25 notice of— 


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1 ‘‘(i) the purpose of the account being 

2 for short-term, emergency savings; 

3 ‘‘(ii) the amount of the intended con4 tribution or the change in the percentage 

5 of the compensation of the participant of 

6 such contribution; 

7 ‘‘(iii) in accordance with paragraph 

8 (2)(B), the instructions on how to— 

9 ‘‘(I) adjust the participant con10 tribution rate under paragraph (2)(A) 

11 to the pension-linked emergency sav12 ings account of the participant; or 

13 ‘‘(II) opt out of or pause for a 

14 specified period of time such contribu15 tions; 

16 ‘‘(iv) how such contributions will be 

17 invested; 

18 ‘‘(v) the limits on, and tax treatment 

19 of, such contributions; 

20 ‘‘(vi) any fees, expenses, or charges 

21 associated with such pension-linked emer22 gency savings account; and 

23 ‘‘(vii) procedures for participant with24 drawals from such pension-linked emerVerDate Sep 11 2014 00:46 Jun 09, 2022 Jkt 029200 PO 00000 Frm 00034 Fmt 6652 Sfmt 6201 E:\BILLS\S4353.IS S4353

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•S 4353 IS

1 gency savings account, including any limits 

2 on frequency. 

3 ‘‘(B) CONSOLIDATED NOTICES.—The re4 quired notices under subparagraph (A) may be 

5 included with any other notice under this Act, 

6 including under section 404(c)(5)(B) or 

7 514(e)(3), or under section 401(k)(13)(E) or 

8 414(w)(4) of the Internal Revenue Code of 

9 1986, if such other notice is provided to the 

10 participant not less than 15 days prior to the 

11 date described in such subparagraph and not 

12 more than 60 days prior to the date on which 

13 the first transfer under this subsection occurs. 

14 ‘‘(5) EMPLOYER MATCHING CONTRIBUTIONS TO

15 A DEFINED CONTRIBUTION PLAN FOR EMPLOYEE

16 CONTRIBUTIONS TO A PENSION-LINKED EMERGENCY

17 SAVINGS ACCOUNT.— 

18 ‘‘(A) IN GENERAL.—If an employer makes 

19 any matching contributions to a defined con20 tribution plan of which a pension-linked emer21 gency savings account is part— 

22 ‘‘(i) any contribution under paragraph 

23 (2) to a pension-linked emergency savings 

24 account of the participant shall be treated 

25 as an elective deferral for purposes of 


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•S 4353 IS

1 matching contributions by such employer 

2 to such defined contribution plan; and 

3 ‘‘(ii) such employer shall make match4 ing contributions on behalf of such partici5 pant to the associated defined contribution 

6 plan on account of such contributions 

7 under paragraph (2) at the same rate as 

8 any other matching contribution on ac9 count of an elective deferral by such par10 ticipant. 

11 To the extent any such matching contribution 

12 exceeds the maximum account balance under 

13 paragraph (3)(A), such contributions shall be 

14 contributed to the plan as provided in para15 graph (3)(B). 

16 ‘‘(B) DEFINITIONS.—For purposes of sub17 paragraph (A), the terms ‘matching contribu18 tion’ and ‘elective deferral’ shall have the mean19 ings given such terms in section 401(m)(4) of 

20 the Internal Revenue Code of 1986. 

21 ‘‘(d) ACCOUNT BALANCE AFTER TERMINATION OF

22 EMPLOYMENT.—Upon termination of employment of the 

23 participant, the pension-linked emergency savings account 

24 of such participant shall— 


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•S 4353 IS

1 ‘‘(1) allow, as relevant, for transfer by the par2 ticipant of the account balance of such account, in 

3 whole or in part, into the designated Roth account 

4 (within the meaning of section 402A of the Internal 

5 Revenue Code of 1986) of the participant under the 

6 associated defined contribution plan; and 

7 ‘‘(2) for any amounts in such account not 

8 transferred under paragraph (1), make such 

9 amounts available within a reasonable time not later 

10 than the earlier of the date on which the employer 

11 contributing to the plan makes the final compensa12 tion payment related to such employment or 60 days 

13 after the date of such termination— 

14 ‘‘(A) to the participant or the beneficiary; 

15 or 

16 ‘‘(B) as a direct rollover to a Roth IRA (as 

17 defined in section 408A(b) of the Internal Rev18 enue Code of 1986) of such participant. 

19 ‘‘(e) COORDINATION WITH PLAN HARDSHIP

20 RULES.—Under the terms of the plan of which a pension21 linked emergency savings account is a part, a participant 

22 shall be required to withdraw all amounts in a pension23 linked emergency savings account of the participant before 

24 receiving any plan distribution which is based on financial 

25 hardship or any loan from the plan. 


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1 ‘‘SEC. 802. ANNUAL NOTICE FOR PENSION-LINKED EMER2 GENCY SAVINGS ACCOUNT. 

3 ‘‘(a) IN GENERAL.—At least annually, the plan spon4 sor of a pension-linked emergency savings account shall 

5 provide to the pension-linked emergency savings account 

6 participant a notice containing such information as the 

7 Secretary may require, including a description of— 

8 ‘‘(1) the purpose and tax treatment of the pen9 sion-linked emergency savings account and contribu10 tions; 

11 ‘‘(2) procedures for opting out of the pension12 linked emergency savings account, changing partici13 pant contribution rates for such account, and mak14 ing withdrawals from such account, and limits on 

15 contributions and withdrawals; 

16 ‘‘(3) designated investment options for amounts 

17 contributed to the pension-linked emergency savings 

18 account; 

19 ‘‘(4) the options under section 801(d) for the 

20 account balance of the pension-linked emergency 

21 savings account after termination of the employment 

22 of the participant; 

23 ‘‘(5) any fees, expenses, or charges associated 

24 with such pension-linked emergency savings account; 

25 and 


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•S 4353 IS

1 ‘‘(6) the amount that a participant has contrib2 uted to the pension-linked emergency savings ac3 count and the amount the plan sponsor has contrib4 uted to such pension-linked emergency savings ac5 count for the plan year, and the account balance. 

6 ‘‘(b) CONSOLIDATED NOTICES.—The required notice 

7 under subparagraph (A) may be included with any other 

8 notice under this Act if such other notice is provided to 

9 the participant at least annually. 

10 ‘‘SEC. 803. PREEMPTION OF STATE ANTI-GARNISHMENT 

11 LAWS. 

12 ‘‘Notwithstanding any other provision of law, this 

13 part shall supersede any law of a State which would di14 rectly or indirectly prohibit or restrict the use of an auto15 matic contribution arrangement, in accordance with sec16 tion 801(c)(2), for a pension-linked emergency savings ac17 count. The Secretary may promulgate regulations to es18 tablish minimum standards that such an arrangement 

19 would be required to satisfy in order for this subsection 

20 to apply with respect to such an account. 

21 ‘‘SEC. 804. REPORTING AND DISCLOSURE REQUIREMENTS. 

22 ‘‘The Secretary shall prescribe such regulations as 

23 may be necessary to address reporting and disclosure re24 quirements for pension-linked emergency savings accounts 

25 in order to prevent unnecessary reporting and disclosure 


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•S 4353 IS

1 for such accounts under this Act, including for purposes 

2 of any reporting or disclosure related to pension plans re3 quired by this title or title IV or under the Internal Rev4 enue Code of 1986. 

5 ‘‘SEC. 805. REPORT TO CONGRESS ON MAXIMUM ACCOUNT 

6 BALANCE LIMITS. 

7 ‘‘The Secretary of Labor and the Secretary of the 

8 Treasury shall— 

9 ‘‘(1) conduct a study on the use of emergency 

10 savings from a pension-linked emergency savings ac11 count regarding— 

12 ‘‘(A) whether the maximum account bal13 ance under section 801(c)(3) is sufficient; 

14 ‘‘(B) whether the limitation on contribu15 tions under sections 801(c)(2)(A)(i) are appro16 priate; and 

17 ‘‘(C) the participation rate of such ac18 counts by plan sponsors and participants and 

19 the resulting impact on participant retirement 

20 savings, including the impact on retirement sav21 ings leakage and the effect of such accounts on 

22 retirement plan participation by low- and mod23 erate-income households; and 

24 ‘‘(2) not later than 7 years after the date of en25 actment of the RISE & SHINE Act, submit to ConVerDate Sep 11 2014 22:06 Jun 08, 2022 Jkt 029200 PO 00000 Frm 00040 Fmt 6652 Sfmt 6201 E:\BILLS\S4353.IS S4353

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•S 4353 IS

1 gress a report on the findings of the study under 

2 paragraph (1).’’. 

3 (2) CLERICAL AMENDMENT.—The table of con4 tents in section 1 of the Employee Retirement In5 come Security Act of 1974 (29 U.S.C. 1001 note) is 

6 amended by inserting after the item relating to sec7 tion 734 the following new items: 

‘‘PART 8. PENSION-LINKED EMERGENCY SAVINGS ACCOUNTS

‘‘801. Pension-linked emergency savings accounts. 

‘‘802. Annual notice for pension-linked emergency savings account. 

‘‘803. Preemption of State anti-garnishment laws. 

‘‘804. Reporting and disclosure requirements. 

‘‘805. Report to Congress on maximum account balance limits.’’. 

8 (c) REPORTING FOR A PENSION-LINKED EMER9 GENCY SAVINGS ACCOUNT.— 

10 (1) ALTERNATIVE METHODS OF COMPLI11 ANCE.—Section 110(a) of the Employee Retirement 

12 Income Security Act (29 U.S.C. 1030(a)) is amend13 ed by inserting ‘‘(including pension-linked emergency 

14 savings accounts offered in conjunction with a pen15 sion plan)’’ after ‘‘class of pension plans’’. 

16 (2) MINIMIZED REPORTING BURDEN FOR PEN17 SION-LINKED EMERGENCY SAVINGS ACCOUNTS.— 

18 Section 101 of such Act (29 U.S.C. 1021) is amend19 ed— 

20 (A) by redesignating subsection (n) as sub21 section (o); and 


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•S 4353 IS

1 (B) by inserting after subsection (m) the 

2 following: 

3 ‘‘(n) PENSION-LINKED EMERGENCY SAVINGS AC4 COUNTS.— 

5 ‘‘(1) IN GENERAL.—The requirements of sub6 section (a) shall not apply to a pension-linked emer7 gency savings account made available under section 

8 801. 

9 ‘‘(2) SIMPLIFIED REPORTING.—Nothing in this 

10 subsection shall preclude the Secretary from pro11 viding, by regulations or otherwise, simplified report12 ing procedures or requirements for such a pension13 linked emergency savings account.’’. 

14 (d) FIDUCIARY DUTY.—Section 404(c) of the Em15 ployee Retirement Income Security Act (29 U.S.C. 

16 1104(c)) is amended by adding at the end the following: 

17 ‘‘(6) DEFAULT INVESTMENT ARRANGEMENTS

18 FOR A PENSION-LINKED EMERGENCY SAVINGS AC19 COUNT.—For purposes of paragraph (1), a partici20 pant in a pension-linked emergency savings account 

21 shall be treated as exercising control over the assets 

22 in the account with respect to the amount of con23 tributions and earnings which are invested in accord24 ance with section 801(b)(1)(C).’’. 


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•S 4353 IS

1 (e) JOINT REGULATORY AUTHORITY.—The Sec2 retary of Labor and the Secretary of the Treasury (or a 

3 delegate of either such Secretary) shall have authority to 

4 issue joint regulations or other guidance, or to coordinate 

5 in developing regulations or other guidance, to carry out 

6 the purposes of this title, including adjustment of the max7 imum benefit under section 801(c)(3) of the Employee Re8 tirement Income Security Act, as added by this title, to 

9 account for inflation, as well as expansion of corrections 

10 programs, if necessary. 

11 TITLE III—NOTICE AND 

12 DISCLOSURE 

13 SEC. 301. DEFINED CONTRIBUTION PLAN FEE DISCLOSURE 

14 IMPROVEMENTS. 

15 Not later than 3 years after the date of enactment 

16 of this Act, the Secretary of Labor shall— 

17 (1) review section 2550.404a–5 of title 29, 

18 Code of Federal Regulations (relating to fiduciary 

19 requirements for disclosure in participant-directed 

20 individual account plans); 

21 (2) explore, through a public request for infor22 mation or otherwise, how the contents and design of 

23 the disclosures described in such section may be im24 proved to enhance participants’ understanding of 

25 fees and expenses related to a defined contribution 


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•S 4353 IS

1 plan (as defined in section 3 of the Employee Retire2 ment Income Security Act of 1974 (29 U.S.C. 

3 1002)) as well as the cumulative effect of such fees 

4 and expenses on retirement savings over time; and 

5 (3) report to the Committee on Health, Edu6 cation, Labor, and Pensions of the Senate and the 

7 Committee on Education and Labor of the House of 

8 Representatives on the findings of the exploration 

9 described in paragraph (2), including beneficial edu10 cation for consumers on financial literacy concepts 

11 as related to retirement plan fees and recommenda12 tions for legislative changes needed to address such 

13 findings. 

14 SEC. 302. CONSOLIDATION OF DEFINED CONTRIBUTION 

15 PLAN NOTICES. 

16 Not later than 2 years after the date of enactment 

17 of this Act, the Secretary of Labor and the Secretary of 

18 the Treasury (or such Secretaries’ delegates) shall adopt 

19 regulations providing that a plan (as defined in section 

20 3 of the Employee Retirement Income Security Act of 

21 1974 (29 U.S.C. 1002)) may, but is not required to, con22 solidate 2 or more of the notices required under sections 

23 404(c)(5)(B) and 514(e)(3) of the Employee Retirement 

24 Income Security Act of 1974 (29 U.S.C. 1104(c)(5)(B) 

25 and 29 U.S.C. 1144(e)(3)) and sections 401(k)(12)(D), 


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•S 4353 IS

1 401(k)(13)(E), and 414(w)(4) of the Internal Revenue 

2 Code of 1986 into a single notice so long as the combined 

3 notice— 

4 (1) includes the required content; 

5 (2) clearly identifies the issues addressed there6 in; 

7 (3) is furnished at the time and with the fre8 quency required for each such notice; and 

9 (4) is presented in a manner that is reasonably 

10 calculated to be understood by the average plan par11 ticipant and that does not obscure or fail to high12 light the primary information required for each no13 tice. 

14 SEC. 303. INFORMATION NEEDED FOR FINANCIAL OPTIONS 

15 RISK MITIGATION ACT. 

16 (a) SHORT TITLE.—This section may be cited as the 

17 ‘‘Information Needed for Financial Options Risk Mitiga18 tion Act’’ or the ‘‘INFORM Act’’. 

19 (b) IN GENERAL.—Part 1 of subtitle B of title I of 

20 the Employee Retirement Income Security Act of 1974 

21 (29 U.S.C. 1021 et seq.), as amended by section 107, is 

22 amended by adding at the end the following: 


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•S 4353 IS

1 ‘‘SEC. 113. NOTICE AND DISCLOSURE REQUIREMENTS WITH 

2 RESPECT TO LUMP SUM WINDOWS. 

3 ‘‘(a) IN GENERAL.—A plan administrator of a pen4 sion plan that amends the plan to provide a period of time 

5 during which a participant or beneficiary may elect to re6 ceive a lump sum under clause (i) of section 401(a)(9)(A) 

7 of the Internal Revenue Code of 1986, instead of future 

8 monthly payments under clause (ii) of such section, shall 

9 furnish notice— 

10 ‘‘(1) to each participant or beneficiary offered 

11 such lump sum amount, in the manner in which the 

12 participant and beneficiary receives the lump sum 

13 offer from the plan sponsor, not later than 90 days 

14 prior to the first day on which the participant or 

15 beneficiary may make an election with respect to 

16 such lump sum; and 

17 ‘‘(2) to the Secretary and the Pension Benefit 

18 Guaranty Corporation, not later than 30 days prior 

19 to the first day on which participants and bene20 ficiaries may make an election with respect to such 

21 lump sum. 

22 ‘‘(b) NOTICE TO PARTICIPANTS AND BENE23 FICIARIES.— 

24 ‘‘(1) CONTENT.—The notice required under 

25 subsection (a)(1) shall include the following: 


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•S 4353 IS

1 ‘‘(A) Available benefit options, including 

2 the estimated monthly benefit that the partici3 pant or beneficiary would receive at normal re4 tirement age (if not already in pay status), 

5 whether there is a subsidized early retirement 

6 option or qualified joint and survivor annuity 

7 that is fully subsidized (in accordance with sec8 tion 417(a)(5) of the Internal Revenue Code of 

9 1986, the monthly benefit amount if payments 

10 begin immediately, and the lump sum amount 

11 available if the participant or beneficiary takes 

12 the option. 

13 ‘‘(B) An explanation of how the lump sum 

14 was calculated, including the interest rate, mor15 tality assumptions, and whether any additional 

16 plan benefits were included in the lump sum, 

17 such as early retirement subsidies. 

18 ‘‘(C) In a manner consistent with the man19 ner in which a written explanation is required 

20 to be given under 417(a)(3) of the Internal 

21 Revenue Code of 1986, the relative value of the 

22 lump sum option for a terminated vested partic23 ipant compared to the value of— 

24 ‘‘(i) the single life annuity, (or other 

25 standard form of benefit); and 


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1 ‘‘(ii) the qualified joint and survivor 

2 annuity (as defined in section 205(d)(1)). 

3 ‘‘(D) Whether it would be reasonably likely 

4 to replicate the plan’s stream of payments by 

5 purchasing a comparable retail annuity using 

6 the lump sum. 

7 ‘‘(E) The potential ramifications of accept8 ing the lump sum, including longevity risks, loss 

9 of protections guaranteed by the Pension Ben10 efit Guaranty Corporation (with an explanation 

11 of the monthly benefit amount that would be 

12 protected by the Pension Benefit Guaranty Cor13 poration if the plan is terminated with insuffi14 cient assets to pay benefits), loss of protection 

15 from creditors, loss of spousal protections, and 

16 other protections under this Act that would be 

17 lost. 

18 ‘‘(F) General tax rules related to accepting 

19 a lump sum, including rollover options and 

20 early distribution penalties with a disclaimer 

21 that the plan does not provide tax, legal, or ac22 counting advice, and a suggestion that partici23 pants and beneficiaries consult with their own 

24 tax, legal, and accounting advisors before deter25 mining whether to accept the offer. 


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•S 4353 IS

1 ‘‘(G) How to accept or reject the offer, the 

2 deadline for response, and whether a spouse is 

3 required to consent to the election. 

4 ‘‘(H) Contact information for the point of 

5 contact at the plan administrator for partici6 pants and beneficiaries to get more information 

7 or ask questions about the options. 

8 ‘‘(2) PLAIN LANGUAGE.—The notice under this 

9 subsection shall be written in a manner calculated to 

10 be understood by the average plan participant. 

11 ‘‘(3) MODEL NOTICE.—The Secretary shall 

12 issue a model notice for purposes of the notice under 

13 subsection (a)(1), including for information required 

14 under subparagraphs (C) through (F) of paragraph 

15 (1). 

16 ‘‘(c) NOTICE TO THE SECRETARY AND PENSION

17 BENEFIT GUARANTY CORPORATION.—The notice required 

18 under subsection (a)(2) shall include the following: 

19 ‘‘(1) The total number of participants and 

20 beneficiaries eligible for such lump sum option. 

21 ‘‘(2) The length of the limited period during 

22 which the lump sum is offered. 

23 ‘‘(3) An explanation of how the lump sum was 

24 calculated, including the interest rate, mortality as25 sumptions, and whether any additional plan benefits 


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•S 4353 IS

1 were included in the lump sum, such as early retire2 ment subsidies. 

3 ‘‘(4) A sample of the notice provided to partici4 pants and beneficiaries under subsection (a)(1). 

5 ‘‘(d) POST-OFFER REPORT TO THE SECRETARY AND

6 PENSION BENEFIT GUARANTY CORPORATION.—Not later 

7 than 90 days after the conclusion of the limited period 

8 during which participants and beneficiaries in a plan may 

9 accept a plan’s offer to convert their annuity into a lump 

10 sum as generally permitted under section 401(a)(9) of the 

11 Internal Revenue Code of 1986, a plan sponsor shall sub12 mit a report to the Secretary and the Director of the Pen13 sion Benefit Guaranty Corporation that includes the num14 ber of participants and beneficiaries who accepted the 

15 lump sum offer and such other information as the Sec16 retary may require. 

17 ‘‘(e) PUBLIC AVAILABILITY.—The Secretary shall 

18 make the information provided in the notice to the Sec19 retary required under subsection (a)(2) and in the post20 offer reports submitted under subsection (d) publicly avail21 able in a form that protects the confidentiality of the infor22 mation provided. 

23 ‘‘(f) BIANNUAL REPORT.—Not later than 6 months 

24 after the date of enactment of this section and every 6 

25 months thereafter, so long as the Secretary has received 


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1 notices and post-offer reports under subsections (c) and 

2 (d), the Secretary shall submit to Congress a report that 

3 summarizes such notices and post-offer reports during the 

4 applicable reporting period.’’. 

5 (c) CLERICAL AMENDMENT.—The table of contents 

6 in section 1 of the Employee Retirement Income Security 

7 Act of 1974, as amended by section 107(a)(2), is further 

8 amended by inserting after the item relating to section 

9 112 the following new item: 

‘‘Sec. 113. Notice and disclosure requirements with respect to lump sum windows.’’. 

10 (d) ENFORCEMENT.—Section 502 of the Employee 

11 Retirement Income Security Act of 1974 (29 U.S.C. 1132) 

12 is amended— 

13 (1) in subsection (c)(1), by striking ‘‘or section 

14 105(a)’’ and inserting ‘‘, section 105(a), or section 

15 112(a)’’; and 

16 (2) in subsection (a)(4), by striking ‘‘105(c)’’ 

17 and inserting ‘‘section 105(c) or 112(a)’’. 

18 (e) APPLICATION.—The requirements of section 113 

19 of the ERISA, as added by subsection (b), shall apply be20 ginning on the applicable effective date specified in the 

21 final regulations promulgated pursuant to subsection (f). 

22 (f) REGULATORY AUTHORITY.—Not earlier than 1 

23 year after the date of enactment of this Act, the Secretary 

24 of Labor and the Secretary of the Treasury shall jointly 


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1 issue regulations to implement section 113 of the Em2 ployee Retirement Income Security Act of 1974, as added 

3 by subsection (a). Such regulations shall require plan 

4 sponsors to comply in good faith with the regulations be5 ginning not later than 1 year after issuance of a final rule 

6 with respect to subsections (a)(1) and (b) of such section 

7 113, and beginning not later than 6 months after issuance 

8 of a final rule with respect to subsections (a)(2), (c), (d), 

9 and (e) of such section 113. 

10 SEC. 304. DEFINED BENEFIT ANNUAL FUNDING NOTICES. 

11 (a) IN GENERAL.—Section 101(f)(2)(B) of the Em12 ployee Retirement Income Security Act of 1974 (29 

13 U.S.C. 1021(f)(2)(B)) is amended— 

14 (1) in clause (i)(I), by striking ‘‘funding target 

15 attainment percentage (as defined in section 

16 303(d)(2))’’ and inserting ‘‘percentage of plan liabil17 ities funded (as described in clause (ii)(I)(bb))’’; 

18 (2) in clause (ii)(I)— 

19 (A) by striking ‘‘, a statement of’’; 

20 (B) by striking item (aa); 

21 (C) by redesignating item (bb) as item 

22 (aa); 

23 (D) in item (aa), as so redesignated— 

24 (i) by inserting ‘‘a statement of’’ be25 fore ‘‘the value’’; and 


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1 (ii) by striking ‘‘and’’ at the end; and 

2 (E) by adding at the end the following: 

3 ‘‘(bb) a statement of the 

4 percentage of plan liabilities 

5 funded, calculated as the ratio 

6 between the value of the plan’s 

7 assets and liabilities, as deter8 mined under item (aa), for the 

9 plan year to which the notice re10 lates and for the 2 preceding 

11 plan years, and 

12 ‘‘(cc) if the information in 

13 (aa) and (bb) is presented in tab14 ular form, a statement that de15 scribes that in the event of a plan 

16 termination the corporation’s cal17 culation of plan liabilities may be 

18 greater and that references the 

19 section of the notice with the in20 formation required under clause 

21 (x), and’’; 

22 (3) in clause (iii), in the matter preceding sub23 clause (I), by inserting ‘‘for the plan year to which 

24 the notice relates as of the last day of such plan 


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1 year and the preceding 2 plan years, in tabular for2 mat,’’ after ‘‘participants’’; 

3 (4) in clause (iv)— 

4 (A) by striking ‘‘plan and the asset’’ and 

5 inserting ‘‘plan, the asset’’; and 

6 (B) by inserting ‘‘, and the average return 

7 on assets for the plan year,’’ after ‘‘assets)’’; 

8 (5) by redesignating clauses (ix) through (xi) as 

9 clause (x) through (xii), respectively; 

10 (6) by inserting after clause (viii) the following: 

11 ‘‘(ix) in the case of a single-employer 

12 plan, a statement as to whether the plan’s 

13 funded status, based on the plan’s liabil14 ities described under subclause (II) for the 

15 plan year to which the notice relates, and 

16 for the 2 preceding plan years, is at least 

17 100 percent (and, if not, the actual per18 centages), that includes— 

19 ‘‘(I) the plan’s assets, as of the 

20 last day of the plan year and for the 

21 2 preceding plan years, as determined 

22 under clause (ii)(I)(aa), 

23 ‘‘(II) the plan’s liabilities, as of 

24 the last day of the plan year and for 


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1 the 2 preceding plan years, as deter2 mined under clause (ii)(1)(aa), and 

3 ‘‘(III) the funded status of the 

4 plan, determined as the ratio of the 

5 plan’s assets and liabilities calculated 

6 under subclauses (I) and (II), for the 

7 plan year to which the notice relates, 

8 and for the 2 preceding plan years,’’; 

9 and 

10 (7) in clause (x), as so redesignated, by striking 

11 the comma at the end and inserting the following: 

12 ‘‘and a statement that, in the case of a single-em13 ployer plan— 

14 ‘‘(I) if plan assets are sufficient 

15 to pay vested benefits that are not 

16 guaranteed by the Pension Benefit 

17 Guaranty Corporation, participants 

18 and beneficiaries may receive benefits 

19 in excess of the guaranteed amount, 

20 and 

21 ‘‘(II) in determining valuation of 

22 guaranteed benefits, the Pension Ben23 efit Guaranty Corporation uses, as of 

24 the date of enactment of the RISE & 


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1 SHINE Act, a valuation methodology 

2 that— 

3 ‘‘(aa) places a higher value 

4 on the future cost of benefits 

5 than any valuation methodology 

6 required under Federal statute, 

7 and 

8 ‘‘(bb) makes it less likely 

9 that participants and bene10 ficiaries will receive amounts in 

11 excess of the guaranteed amount 

12 under Federal law,’’. 

13 (b) EFFECTIVE DATE.—The amendments made by 

14 subsection (a) shall apply with respect to plan years begin15 ning after December 31, 2023. 

16 TITLE IV—MODERNIZATION 

17 SEC. 401. AUTOMATIC REENROLLMENT UNDER QUALIFIED 

18 AUTOMATIC CONTRIBUTION ARRANGEMENTS 

19 AND ELIGIBLE AUTOMATIC CONTRIBUTION 

20 ARRANGEMENTS. 

21 (a) ELIGIBLE AUTOMATIC CONTRIBUTION ARRANGE22 MENTS.—Section 514(e)(2) of the Employee Retirement 

23 Income Security Act of 1974 (29 U.S.C. 1144(e)(2)) is 

24 amended— 


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1 (1) by redesignating subparagraphs (A) through 

2 (C) as clauses (i) through (iii), respectively, and by 

3 moving such clauses 2 ems to the right; 

4 (2) by striking ‘‘(2) For purposes of’’ and in5 serting ‘‘(2)(A) For purposes of’’; and 

6 (3) by adding at the end the following: 

7 ‘‘(B) In the case of an automatic contribution 

8 arrangement taking effect after December 31, 2024, 

9 the requirements of subparagraph (A)(ii) shall be 

10 treated as met only if, under the arrangement, at 

11 least every 3 plan years but not more than once an12 nually each employee— 

13 ‘‘(i) who is eligible to participate in the ar14 rangement; and 

15 ‘‘(ii) who, at the time of the determination, 

16 has in effect an affirmative election pursuant to 

17 subparagraph (A)(ii) not to have any contribu18 tions described in such subparagraph made, 

19 is treated as having made the election at the uni20 form percentage of compensation described in sub21 paragraph (A)(ii) unless the employee makes a new 

22 election under such subparagraph. Such determina23 tion may be made at one time for all employees de24 scribed in the preceding sentence for a plan year, reVerDate Sep 11 2014 00:46 Jun 09, 2022 Jkt 029200 PO 00000 Frm 00057 Fmt 6652 Sfmt 6201 E:\BILLS\S4353.IS S4353

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1 gardless of individual employee dates of enroll2 ment.’’. 

3 (b) EFFECTIVE DATE.—The amendments made by 

4 this section shall apply to arrangements taking effect after 

5 December 31, 2024. 

6 SEC. 402. INCIDENTAL PLAN EXPENSES. 

7 (a) FINDINGS.—Congress finds the following: 

8 (1) Retirement plan sponsors engage advisors 

9 to assist in administering their retirement plans. 

10 Such advisors and other service providers are paid 

11 via monthly or annual retainers to advise on plan 

12 administration or the investment fund lineup. Such 

13 retainers are charged to the retirement plan. 

14 (2) Other, incidental expenses incurred related 

15 to plan design, may not be charged to the plan be16 cause they are deemed settlor functions. For exam17 ple, if a plan sponsor were to inquire about a bene18 ficial plan design feature, such as automatic enroll19 ment and reenrollment or automatic escalation, the 

20 advisor or other service provider would bill the em21 ployer a separate amount that could not be charged 

22 back to the plan. Because these inquiries result in 

23 additional costs, many employers, especially small 

24 employers, choose to forego these incidental plan deVerDate Sep 11 2014 22:06 Jun 08, 2022 Jkt 029200 PO 00000 Frm 00058 Fmt 6652 Sfmt 6201 E:\BILLS\S4353.IS S4353

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1 sign features, even when they might generate tre2 mendous benefits for their employees. 

3 (3) According to the 2021 Plan Sponsor Coun4 cil of America’s Annual Survey of Profit Sharing 

5 and 401(k) Plans, only 30.5 percent of employers 

6 with fewer than 50 workers have an automatic en7 rollment feature in their retirement plan, compared 

8 to over 77 percent of employers with more than 

9 1,000 workers. Small employers need additional re10 sources to improve their retirement plan design. 

11 (b) FACILITATING THE IMPLEMENTATION OF BENE12 FICIAL PLAN FEATURES.— 

13 (1) PLAN ASSETS.—Section 403(c)(1) of the 

14 Employee Retirement Income Security Act of 1974 

15 (29 U.S.C. 1103(c)(1)) is amended by inserting 

16 ‘‘(including incidental expenses solely for the benefit 

17 of the participants and their beneficiaries)’’ before 

18 the period. 

19 (2) FIDUCIARY STANDARD OF CARE.—Section 

20 404(a)(1)(A)(ii) of the Employee Retirement Income 

21 Security Act of 1974 (29 U.S.C. 1104(a)(1)(A)(ii)) 

22 is amended by inserting ‘‘(including incidental ex23 penses solely for the benefit of the participants and 

24 their beneficiaries)’’ before the semicolon. 


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1 TITLE V—AMENDMENTS TO 

2 PLANS OFFERED BY MUL3 TIPLE EMPLOYERS 

4 SEC. 501. REPORT ON POOLED EMPLOYER PLANS. 

5 The Secretary of Labor shall— 

6 (1) conduct a study on the pooled employer 

7 plan (as such term is defined in section 3(43) of the 

8 Employee Retirement Income Security Act of 1974 

9 (29 U.S.C. 1002(43))) industry, including on— 

10 (A) the legal name and number of pooled 

11 employer plans; 

12 (B) the number of participants in such 

13 plans; 

14 (C) the range of investment options pro15 vided in such plans; 

16 (D) the fees assessed in such plans; 

17 (E) the manner in which employers select 

18 and monitor such plans; 

19 (F) the disclosures provided to participants 

20 in such plans; 

21 (G) the number and nature of any enforce22 ment actions by the Secretary of Labor on such 

23 plans; 


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1 (H) the extent to which such plans have 

2 increased retirement savings coverage in the 

3 United States; and 

4 (I) any additional information as the Sec5 retary determines is necessary; and 

6 (2) not later than 5 years after the date of en7 actment of this Act, and every 5 years thereafter, 

8 submit to Congress and make available on a publicly 

9 accessible website of the Department of Labor, a re10 port on the findings of the study under paragraph 

11 (1), including recommendations on how pooled em12 ployer plans can be improved, through legislation, to 

13 serve and protect retirement plan participants. 

14 SEC. 502. ANNUAL AUDITS FOR GROUP OF PLANS. 

15 Section 202(a) of the Setting Every Community Up 

16 for Retirement Enhancement Act of 2019 (Public Law 

17 116–94; 26 U.S.C. 6058 note) is amended— 

18 (1) by striking ‘‘so that all members’’ and in19 serting the following: ‘‘so that— 

20 ‘‘(1) all members’’; 

21 (2) by striking the period and inserting ‘‘; 

22 and’’; and 

23 (3) by adding at the end the following: 

24 ‘‘(2) any opinions required by section 103(a)(3) 

25 of the Employee Retirement Income Security Act of 


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1 1974 (29 U.S.C. 1023(a)(3)) shall relate only to 

2 each individual plan which would otherwise be sub3 ject to the requirements of such section 103(a)(3).’’. 

4 TITLE VI—DEFINED BENEFIT 

5 PLAN PROVISIONS 

6 SEC. 601. CASH BALANCE. 

7 (a) AMENDMENT OF INTERNAL REVENUE CODE OF

8 1986.—Section 414 of the Internal Revenue Code of 

9 1986, as amended by the preceding sections of this Act, 

10 is further amended by adding at the end the following new 

11 subsection: 

12 ‘‘(bb) PROJECTED INTEREST CREDITING RATE.— 

13 For purposes of this part, in the case of an applicable de14 fined benefit plan (as defined in section 411(a)(13)(B)) 

15 which provides variable interest crediting rates, the inter16 est crediting rate which is treated as in effect and as the 

17 projected interest crediting rate shall be a reasonable pro18 jection of such variable interest crediting rate, not to ex19 ceed 6 percent.’’. 

20 (b) AMENDMENT OF EMPLOYEE RETIREMENT IN21 COME SECURITY ACT OF 1974.—Section 210 of the Em22 ployee Retirement Income Security Act of 1974 (29 

23 U.S.C. 1060) is amended by adding at the end the fol24 lowing new subsection: 


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1 ‘‘(g) PROJECTED INTEREST CREDITING RATE.—For 

2 purposes of this title, in the case of an applicable defined 

3 benefit plan (within the meaning of section 203(f)(3)) 

4 which provides variable interest crediting rates, the inter5 est crediting rate which is treated as in effect and as the 

6 projected interest crediting rate shall be a reasonable pro7 jection of such variable interest crediting rate, not to ex8 ceed 6 percent.’’. 

9 (c) EFFECTIVE DATE.—The amendments made by 

10 this section shall apply with respect to years beginning 

11 after the date of enactment of this Act. 

12 SEC. 602. TERMINATION OF VARIABLE RATE PREMIUM IN13 DEXING. 

14 (a) IN GENERAL.—Paragraph (8) of 4006(a) of the 

15 Employee Retirement Income Security Act of 1974 (29 

16 U.S.C. 1306(a)) is amended by— 

17 (1) in subparagraph (A)— 

18 (A) in clause (vi), by striking ‘‘and’’; 

19 (B) in clause (vii), by striking the period 

20 at the end and inserting ‘‘; and’’; and 

21 (C) by adding at the end the following: 

22 ‘‘(viii) for plan years beginning after 

23 calendar year 2022, $48.’’; 


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1 (2) in subparagraph (B), in the matter pre2 ceding clause (i), by inserting ‘‘and before 2023’’ 

3 after ‘‘2012’’; and 

4 (3) in subparagraph (D)(vii), by inserting ‘‘and 

5 before 2023’’ after ‘‘2019’’. 

6 (b) TECHNICAL AMENDMENT.—Clause (i) of section 

7 4006(a)(3)(E) of the Employee Retirement Income Secu8 rity Act of 1974 (29 U.S.C. 1306(a)(3)(E)) is amended 

9 by striking ‘‘subparagraph (H)’’ and inserting ‘‘subpara10 graph (I)’’. 

11 SEC. 603. ENHANCING RETIREE HEALTH BENEFITS IN PEN12 SION PLANS. 

13 (a) EXTENSION OF TRANSFERS OF EXCESS PENSION

14 ASSETS TO RETIREE HEALTH ACCOUNTS UNDER THE IN15 TERNAL REVENUE CODE OF 1986.—Paragraph (4) of sec16 tion 420(b) of the Internal Revenue Code of 1986 is 

17 amended by striking ‘‘December 31, 2025’’ and inserting 

18 ‘‘December 31, 2032’’. 

19 (b) EXTENSION OF TRANSFERS OF EXCESS PENSION

20 ASSETS TO RETIREE HEALTH ACCOUNTS UNDER THE

21 EMPLOYEE RETIREMENT INCOME SECURITY ACT OF

22 1974.— 

23 (1) DEFINITIONS.—Section 101(e)(3) of the 

24 Employee Retirement Income Security Act of 1974 

25 (29 U.S.C. 1021(e)(3)) is amended by striking ‘‘(as 


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1 in effect on the date of the enactment of the Surface 

2 Transportation and Veterans Health Care Choice 

3 Improvement Act of 2015)’’ and inserting ‘‘(as in ef4 fect on the date of enactment of the RISE & 

5 SHINE Act)’’. 

6 (2) USE OF ASSETS.—Section 403(c)(1) of the 

7 Employee Retirement Income Security Act of 1974 

8 (29 U.S.C. 1103(c)(1)) is amended by striking ‘‘(as 

9 in effect on the date of the enactment of the Surface 

10 Transportation and Veterans Health Care Choice 

11 Improvement Act of 2015)’’ and inserting ‘‘(as in ef12 fect on the date of enactment of the RISE & 

13 SHINE Act)’’. 

14 (3) EXEMPTION.—Section 408(b)(13) of the 

15 Employee Retirement Income Security Act of 1974 

16 (29 U.S.C. 1108(b)(13)) is amended— 

17 (A) by striking ‘‘January 1, 2026’’ and in18 serting ‘‘January 1, 2033’’; and 

19 (B) by striking ‘‘(as in effect on the date 

20 of the enactment of the Surface Transportation 

21 and Veterans Health Care Choice Improvement 

22 Act of 2015)’’ and inserting ‘‘(as in effect on 

23 the date of enactment of the RISE & SHINE 

24 Act)’’. 


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1 (c) EFFECTIVE DATE.—The amendments made by 

2 this section shall apply to transfers made after the date 

3 of enactment of this Act. 

4 TITLE VII—ADDITIONAL 

5 RETIREMENT ENHANCEMENTS 

6 SEC. 701. PROVISIONS RELATING TO PLAN AMENDMENTS. 

7 (a) IN GENERAL.—Part 2 of subtitle B of title I of 

8 the Employee Retirement Income Security Act of 1974 

9 (29 U.S.C. 1021 et seq.) is amended— 

10 (1) by redesignating section 211 as section 212; 

11 and 

12 (2) by inserting after section 210 the following 

13 new section: 

14 ‘‘SEC. 211. PLAN AMENDMENTS DUE TO THE RISE & SHINE 

15 ACT. 

16 ‘‘(a) IN GENERAL.—If this section applies to any re17 tirement plan or contract amendment— 

18 ‘‘(1) such retirement plan or contract shall be 

19 treated as being operated in accordance with the 

20 terms of the plan during the period described in sub21 section (b)(2)(A); and 

22 ‘‘(2) except as provided by the Secretary of the 

23 Treasury (or the Secretary’s delegate) and the Sec24 retary of Labor (or the Secretary’s delegate), such 

25 retirement plan shall not fail to meet the requireVerDate Sep 11 2014 22:06 Jun 08, 2022 Jkt 029200 PO 00000 Frm 00066 Fmt 6652 Sfmt 6201 E:\BILLS\S4353.IS S4353

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1 ments of section 411(d)(6) of the Internal Revenue 

2 Code of 1986 and section 204(g) of this Act by rea3 son of such amendment. 

4 ‘‘(b) AMENDMENTS TO WHICH SECTION APPLIES.— 

5 ‘‘(1) IN GENERAL.—This section shall apply to 

6 any amendment to any retirement plan or annuity 

7 contract which is made— 

8 ‘‘(A) pursuant to any amendment made by 

9 the RISE & SHINE Act or pursuant to any 

10 regulation issued by the Secretary of the Treas11 ury or the Secretary of Labor (or a delegate of 

12 either such Secretary) under the RISE & 

13 SHINE Act; and 

14 ‘‘(B) on or before the last day of the first 

15 plan year beginning on or after January 1, 

16 2025. 

17 ‘‘(2) CONDITIONS.—This section shall not apply 

18 to any amendment unless— 

19 ‘‘(A) during the period— 

20 ‘‘(i) beginning on the date the legisla21 tive or regulatory amendment described in 

22 paragraph (1)(A) takes effect (or in the 

23 case of a plan or contract amendment not 

24 required by such legislative or regulatory 


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1 amendment, the effective date specified by 

2 the plan); and 

3 ‘‘(ii) ending on the date described in 

4 paragraph (1)(B) (or, if earlier, the date 

5 the plan or contract amendment is adopt6 ed), 

7 the plan or contract is operated as if such plan 

8 or contract amendment were in effect; and 

9 ‘‘(B) such plan or contract amendment ap10 plies retroactively for such period.’’. 

11 (b) CLERICAL AMENDMENT.—The table of contents 

12 in section 1 of the Employee Retirement Income Security 

13 Act of 1974 is amended by striking the item relating to 

14 section 211 and by inserting after the item relating to sec15 tion 210 the following new items: 

‘‘Sec. 211. Plan amendments due to the RISE & SHINE Act. 

‘‘Sec. 212. Effective dates.’’. 

16 SEC. 702. WORKER OWNERSHIP, READINESS, AND KNOWL17 EDGE (WORK) ACT. 

18 (a) SHORT TITLE.—This section may be cited as the 

19 ‘‘Worker Ownership, Readiness, and Knowledge Act’’ or 

20 the ‘‘WORK Act’’. 

21 (b) DEFINITIONS.—In this section: 

22 (1) EXISTING PROGRAM.—The term ‘‘existing 

23 program’’ means a program, designed to promote 

24 employee ownership, that exists on the date on 


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1 which the Secretary is carrying out a responsibility 

2 authorized under this section. 

3 (2) INITIATIVE.—The term ‘‘Initiative’’ means 

4 the Employee Ownership Initiative established under 

5 subsection (c). 

6 (3) NEW PROGRAM.—The term ‘‘new program’’ 

7 means a program, designed to promote employee 

8 ownership, that does not exist on the date on which 

9 the Secretary is carrying out a responsibility author10 ized under this section. 

11 (4) SECRETARY.—The term ‘‘Secretary’’ means 

12 the Secretary of Labor. 

13 (5) STATE.—The term ‘‘State’’ has the mean14 ing given the term under section 3 of the Workforce 

15 Innovation and Opportunity Act (29 U.S.C. 3102). 

16 (c) EMPLOYEE OWNERSHIP INITIATIVE.— 

17 (1) ESTABLISHMENT.—The Secretary shall es18 tablish within the Department of Labor an Em19 ployee Ownership Initiative to promote employee 

20 ownership. 

21 (2) FUNCTIONS.—In carrying out the Initiative, 

22 the Secretary shall— 

23 (A) support within the States existing pro24 grams designed to promote employee ownership; 

25 and 


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1 (B) facilitate within the States the forma2 tion of new programs designed to promote em3 ployee ownership. 

4 (3) DUTIES.—To carry out the functions enu5 merated in paragraph (2), the Secretary shall— 

6 (A) support new programs and existing 

7 programs by— 

8 (i) making Federal grants authorized 

9 under subsection (e); and 

10 (ii)(I) acting as a clearinghouse on 

11 techniques employed by new programs and 

12 existing programs within the States, and 

13 disseminating information relating to those 

14 techniques to the programs; or 

15 (II) funding projects for information 

16 gathering on those techniques, and dis17 semination of that information to the pro18 grams, by groups outside the Department 

19 of Labor; and 

20 (B) facilitate the formation of new pro21 grams, in ways that include holding or funding 

22 an annual conference of representatives from 

23 States with existing programs, representatives 

24 from States developing new programs, and repVerDate Sep 11 2014 22:06 Jun 08, 2022 Jkt 029200 PO 00000 Frm 00070 Fmt 6652 Sfmt 6201 E:\BILLS\S4353.IS S4353

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1 resentatives from States without existing pro2 grams. 

3 (d) PROGRAMS REGARDING EMPLOYEE OWNER4 SHIP.— 

5 (1) ESTABLISHMENT OF PROGRAM.—Not later 

6 than 180 days after the date of enactment of this 

7 Act, the Secretary shall establish a program to en8 courage new programs and existing programs within 

9 the States to foster employee ownership throughout 

10 the United States. 

11 (2) PURPOSE OF PROGRAM.—The purpose of 

12 the program established under paragraph (1) is to 

13 encourage new and existing programs within the 

14 States that focus on— 

15 (A) providing education and outreach to 

16 inform employees and employers about the pos17 sibilities and benefits of employee ownership 

18 and business ownership succession planning, in19 cluding providing information about financial 

20 education, employee teams, open-book manage21 ment, and other tools that enable employees to 

22 share ideas and information about how their 

23 businesses can succeed; 

24 (B) providing technical assistance to assist 

25 employee efforts to become business owners, to 


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1 enable employers and employees to explore and 

2 assess the feasibility of transferring full or par3 tial ownership to employees, and to encourage 

4 employees and employers to start new em5 ployee-owned businesses; 

6 (C) training employees and employers with 

7 respect to methods of employee participation in 

8 open-book management, work teams, commit9 tees, and other approaches for seeking greater 

10 employee input; and 

11 (D) training other entities to apply for 

12 funding under this subsection, to establish new 

13 programs, and to carry out program activities. 

14 (3) PROGRAM DETAILS.—The Secretary may in15 clude, in the program established under paragraph 

16 (1), provisions that— 

17 (A) in the case of activities described in 

18 paragraph (2)(A)— 

19 (i) target key groups, such as retiring 

20 business owners, senior managers, labor 

21 organizations, trade associations, commu22 nity organizations, and economic develop23 ment organizations; 

24 (ii) encourage cooperation in the orga25 nization of workshops and conferences; and 


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1 (iii) prepare and distribute materials 

2 concerning employee ownership, and busi3 ness ownership succession planning; 

4 (B) in the case of activities described in 

5 paragraph (2)(B)— 

6 (i) provide preliminary technical as7 sistance to employee groups, managers, 

8 and retiring owners exploring the possi9 bility of employee ownership; 

10 (ii) provide for the performance of 

11 preliminary feasibility assessments; 

12 (iii) assist in the funding of objective 

13 third-party feasibility studies and prelimi14 nary business valuations, and in selecting 

15 and monitoring professionals qualified to 

16 conduct such studies; and 

17 (iv) provide a data bank to help em18 ployees find legal, financial, and technical 

19 advice in connection with business owner20 ship; 

21 (C) in the case of activities described in 

22 paragraph (2)(C)— 

23 (i) provide for courses on employee 

24 participation; and 


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1 (ii) provide for the development and 

2 fostering of networks of employee-owned 

3 companies to spread the use of successful 

4 participation techniques; and 

5 (D) in the case of training described in 

6 paragraph (2)(D)— 

7 (i) provide for visits to existing pro8 grams by staff from new programs receiv9 ing funding under this section; and 

10 (ii) provide materials to be used for 

11 such training. 

12 (4) GUIDANCE.—The Secretary shall issue for13 mal guidance, for— 

14 (A) recipients of grants awarded under 

15 subsection (e) and one-stop partners (as defined 

16 in section 3 of the Workforce Innovation and 

17 Opportunity Act (29 U.S.C. 3102)) affiliated 

18 with the workforce development systems (as so 

19 defined) of the States, proposing that programs 

20 and other activities funded under this section 

21 be— 

22 (i) proactive in encouraging actions 

23 and activities that promote employee own24 ership of businesses; and 


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1 (ii) comprehensive in emphasizing 

2 both employee ownership of businesses so 

3 as to increase productivity and broaden 

4 capital ownership; and 

5 (B) acceptable standards and procedures 

6 to establish good faith fair market value for 

7 shares of a business to be acquired by an em8 ployee stock ownership plan (as defined in sec9 tion 407(d)(6) of the Employee Retirement In10 come Security Act of 1974 (29 U.S.C. 

11 1107(d)(6))). 

12 (e) GRANTS.— 

13 (1) IN GENERAL.—In carrying out the program 

14 established under subsection (d), the Secretary may 

15 make grants for use in connection with new pro16 grams and existing programs within a State for any 

17 of the following activities: 

18 (A) Education and outreach as provided in 

19 subsection (d)(2)(A). 

20 (B) Technical assistance as provided in 

21 subsection (d)(2)(B). 

22 (C) Training activities for employees and 

23 employers as provided in subsection (d)(2)(C). 

24 (D) Activities facilitating cooperation 

25 among employee-owned firms. 


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1 (E) Training as provided in subsection 

2 (d)(2)(D) for new programs provided by partici3 pants in existing programs dedicated to the ob4 jectives of this section, except that, for each fis5 cal year, the amount of the grants made for 

6 such training shall not exceed 10 percent of the 

7 total amount of the grants made under this sec8 tion. 

9 (2) AMOUNTS AND CONDITIONS.—The Sec10 retary shall determine the amount and any condi11 tions for a grant made under this subsection. The 

12 amount of the grant shall be subject to paragraph 

13 (6), and shall reflect the capacity of the applicant 

14 for the grant. 

15 (3) APPLICATIONS.—Each entity desiring a 

16 grant under this subsection shall submit an applica17 tion to the Secretary at such time, in such manner, 

18 and accompanied by such information as the Sec19 retary may reasonably require. 

20 (4) STATE APPLICATIONS.—Each State may 

21 sponsor and submit an application under paragraph 

22 (3) on behalf of any local entity consisting of a unit 

23 of State or local government, State-supported insti24 tution of higher education, or nonprofit organization, 

25 meeting the requirements of this section. 


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1 (5) APPLICATIONS BY ENTITIES.— 

2 (A) ENTITY APPLICATIONS.—If a State 

3 fails to support or establish a program pursu4 ant to this section during any fiscal year, the 

5 Secretary shall, in the subsequent fiscal years, 

6 allow local entities described in paragraph (4) 

7 from that State to make applications for grants 

8 under paragraph (3) on their own initiative. 

9 (B) APPLICATION SCREENING.—Any State 

10 failing to support or establish a program pursu11 ant to this section during any fiscal year may 

12 submit applications under paragraph (3) in the 

13 subsequent fiscal years but may not screen ap14 plications by local entities described in para15 graph (4) before submitting the applications to 

16 the Secretary. 

17 (6) LIMITATIONS.—A recipient of a grant made 

18 under this subsection shall not receive, during a fis19 cal year, in the aggregate, more than the following 

20 amounts: 

21 (A) For fiscal year 2024, $300,000. 

22 (B) For fiscal year 2025, $330,000. 

23 (C) For fiscal year 2026, $363,000. 

24 (D) For fiscal year 2027, $399,300. 

25 (E) For fiscal year 2028, $439,200. 


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1 (7) ANNUAL REPORT.—For each year, each re2 cipient of a grant under this subsection shall submit 

3 to the Secretary a report describing how grant funds 

4 allocated pursuant to this subsection were expended 

5 during the 12-month period preceding the date of 

6 the submission of the report. 

7 (f) EVALUATIONS.—The Secretary is authorized to 

8 reserve not more than 10 percent of the funds appro9 priated for a fiscal year to carry out this section, for the 

10 purposes of conducting evaluations of the grant programs 

11 identified in subsection (e) and to provide related technical 

12 assistance. 

13 (g) REPORTING.—Not later than the expiration of the 

14 36-month period following the date of enactment of this 

15 Act, the Secretary shall prepare and submit to Congress 

16 a report— 

17 (1) on progress related to employee ownership 

18 in businesses in the United States; and 

19 (2) containing an analysis of critical costs and 

20 benefits of activities carried out under this section. 

21 (h) AUTHORIZATIONS OF APPROPRIATIONS.— 

22 (1) IN GENERAL.—There are authorized to be 

23 appropriated for the purpose of making grants pur24 suant to subsection (e) the following: 

25 (A) For fiscal year 2024, $4,000,000. 


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1 (B) For fiscal year 2025, $7,000,000. 

2 (C) For fiscal year 2026, $10,000,000. 

3 (D) For fiscal year 2027, $13,000,000. 

4 (E) For fiscal year 2028, $16,000,000. 

5 (2) ADMINISTRATIVE EXPENSES.—There are 

6 authorized to be appropriated for the purpose of 

7 funding the administrative expenses related to the 

8 Initiative, for each of fiscal years 2022 through 

9 2026, an amount not in excess of the lesser of— 

10 (A) $350,000; or 

11 (B) 5.0 percent of the maximum amount 

12 available under paragraph (1) for that fiscal 

13 year. 

Æ 


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