I 
117TH CONGRESS 
1ST SESSION H. R. 5891 
To improve and enhance retirement savings, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
NOVEMBER 5, 2021 
Mr. SCOTT of Virginia (for himself, Ms. FOXX, Mr. DESAULNIER, and Mr. 
ALLEN) introduced the following bill; which was referred to the Com-
mittee on Education and Labor, and in addition to the Committee on 
Ways and Means, for a period to be subsequently determined by the 
Speaker, in each case for consideration of such provisions as fall within 
the jurisdiction of the committee concerned 
A BILL 
To improve and enhance retirement savings, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Retirement Improvement and Savings Enhancement 
Act’’ or the ‘‘RISE Act’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
Sec. 2. Retirement Savings Lost and Found. 
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Sec. 3. Retirement Plan Modernization Act. 
Sec. 4. Multiple employer 403(b) plans. 
Sec. 5. Small immediate financial incentives for contributing to a plan. 
Sec. 6. Performance benchmarks for asset allocation funds. 
Sec. 7. Pooled employer plans modification. 
Sec. 8. Review of pension risk transfer interpretive bulletin. 
Sec. 9. Review and report to Congress relating to reporting and disclosure re-
quirements. 
Sec. 10. Eliminating unnecessary plan requirements related to unenrolled par-
ticipants. 
Sec. 11. Recovery of retirement plan overpayments. 
Sec. 12. Improving coverage for part-time workers. 
SEC. 2. RETIREMENT SAVINGS LOST AND FOUND. 
(a) IN GENERAL.— 
(1) ESTABLISHMENT OF RETIREMENT SAVINGS 
LOST AND FOUND.—Part 5 of title I of the Em-
ployee Retirement Income Security Act of 1974 (29 
U.S.C. 1341 et seq.) is amended by adding at the 
end the following: 
‘‘SEC. 522. RETIREMENT SAVINGS LOST AND FOUND. 
‘‘(a) ESTABLISHMENT.— 
‘‘(1) IN
GENERAL.—Not later than 2 years 
after the date of the enactment of this section, the 
Secretary of Labor, in consultation with the Sec-
retary of the Treasury, shall establish an online 
searchable database (to be managed by the Depart-
ment of Labor in accordance with this section) to be 
known as the ‘Retirement Savings Lost and Found’. 
The Retirement Savings Lost and Found shall— 
‘‘(A) allow an individual to search for in-
formation that enables the individual to locate 
the administrator of any plan described in para-
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provide individuals described in subsection (a)(1) only 
with the ability to search for information that enables the 
individual to locate the administrator and contact informa-
tion for the administrator of any plan with respect to 
which the individual is or was a participant or beneficiary, 
sufficient to allow the individual to locate the individual’s 
plan in order to recover any benefit owing to the individual 
under the plan. 
‘‘(c) SAFEGUARDING PARTICIPANT PRIVACY AND SE-
CURITY.—In establishing the Retirement Savings Lost 
and Found under subsection (a), the Department of Labor 
shall take all necessary and proper precautions to ensure 
that individuals’ plan information maintained by the Re-
tirement Savings Lost and Found is protected. 
‘‘(d) DEFINITION
OF ADMINISTRATOR.—For pur-
poses of this section and section 523, the term ‘adminis-
trator’ has the meaning given such term in section 
3(16)(A). 
‘‘(e) INFORMATION COLLECTION FROM PLANS.—Ef-
fective with respect to plan years beginning after the sec-
ond December 31 occurring after the date of the enact-
ment of this subsection, the administrator of a plan to 
which the vesting standards of section 203 apply shall sub-
mit to the Department of Labor, at such time and in such 
form and manner as is prescribed in regulations— 
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‘‘(1) the information described in paragraphs 
(1) through (4) of section 6057(b) of the Internal 
Revenue Code of 1986; 
‘‘(2) the information described in subpara-
graphs (A), (B), (E), and (F) of section 6057(a)(2) 
of the Internal Revenue Code of 1986; and 
‘‘(3) such other information as the Secretary of 
Labor may require. 
‘‘(f) INFORMATION COLLECTION FROM FEDERAL 
AGENCIES.—The Secretary of Labor is authorized to ac-
cess and receive information collected by other Federal 
agencies that may be necessary to perform work related 
to the Retirement Savings Lost and Found. Such nec-
essary and appropriate information, which shall be fur-
nished to the Secretary of Labor on request, includes in-
formation covered by section 6103 of the Internal Revenue 
Code of 1986 and section 205(r) of the Social Security 
Act. 
‘‘(g) PROGRAM INTEGRITY AUDIT.—On an annual 
basis for each of the first 5 years beginning one year after 
the establishment of the database in subsection (a)(1) and 
every 5 years thereafter, the Inspector General of the De-
partment of Labor shall conduct an audit of the adminis-
tration of the Retirement Savings Lost and Found.’’. 
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(2) CONFORMING AMENDMENT.—The table of 
contents for the Employee Retirement Income Secu-
rity Act of 1974 (29 U.S.C. 1001 et seq.) is amend-
ed by inserting after the matter relating to section 
521 the following: 
‘‘Sec. 522. Retirement Savings Lost and Found.’’. 
SEC. 3. RETIREMENT PLAN MODERNIZATION ACT. 
Section 203(e)(1) of the Employee Retirement In-
come Security Act of 1974 and sections 401(a)(31)(B)(ii) 
and 411(a)(11)(A) of the Internal Revenue Code of 1986 
and are each amended by striking ‘‘$5,000’’ and inserting 
‘‘$7,000’’. 
SEC. 4. MULTIPLE EMPLOYER 403(b) PLANS. 
(a) IN GENERAL.—Section 403(b) of the Internal 
Revenue Code of 1986 is amended by adding at the end 
the following new paragraph: 
‘‘(15) MULTIPLE EMPLOYER PLANS.— 
‘‘(A) IN GENERAL.—Except in the case of 
a church plan, this subsection shall not be 
treated as failing to apply to an annuity con-
tract solely by reason of such contract being 
purchased under a plan maintained by more 
than 1 employer. 
‘‘(B) TREATMENT OF EMPLOYERS FAILING 
TO MEET REQUIREMENTS OF PLAN.— 
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‘‘(i) IN GENERAL.—In the case of a 
plan maintained by more than 1 employer, 
this subsection shall not be treated as fail-
ing to apply to an annuity contract held 
under such plan merely because of one or 
more employers failing to meet the require-
ments of this subsection if such plan satis-
fies rules similar to the rules of section 
413(e)(2) with respect to any such em-
ployer failure. 
‘‘(ii) ADDITIONAL REQUIREMENTS IN 
CASE OF NON-GOVERNMENTAL PLANS.—A 
plan shall not be treated as meeting the re-
quirements of this subparagraph unless the 
plan meets the requirements of subpara-
graph (A) or (B) of section 413(e)(1), ex-
cept in the case of a multiple employer 
plan maintained solely by any of the fol-
lowing: A State, a political subdivision of a 
State, or an agency or instrumentality of 
any one or more of the foregoing.’’. 
(b) ANNUAL REGISTRATION FOR 403(b) MULTIPLE 
EMPLOYER PLAN.—Section 6057 of the Internal Revenue 
Code of 1986 is amended by redesignating subsection (g) 
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as subsection (h) and by inserting after subsection (f) the 
following new subsection: 
‘‘(g) 403(b) MULTIPLE EMPLOYER PLANS TREATED 
AS ONE PLAN.—In the case of annuity contracts to which 
this section applies and to which section 403(b) applies 
by reason of the plan under which such contracts are pur-
chased meeting the requirements of paragraph (15) there-
of, such plan shall be treated as a single plan for purposes 
of this section.’’. 
(c) ANNUAL INFORMATION RETURNS
FOR 403(b) 
MULTIPLE EMPLOYER PLAN.—Section 6058 of the Inter-
nal Revenue Code of 1986 is amended by redesignating 
subsection (f) as subsection (g) and by inserting after sub-
section (e) the following new subsection: 
‘‘(f) 403(b) MULTIPLE EMPLOYER PLANS TREATED 
AS ONE PLAN.—In the case of annuity contracts to which 
this section applies and to which section 403(b) applies 
by reason of the plan under which such contracts are pur-
chased meeting the requirements of paragraph (15) there-
of, such plan shall be treated as a single plan for purposes 
of this section.’’. 
(d) AMENDMENTS TO EMPLOYEE RETIREMENT IN-
COME SECURITY ACT OF 1974.— 
(1) TREATED AS POOLED EMPLOYER PLAN.— 
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(A) IN GENERAL.—Section 3(43)(A) of the 
Employee Retirement Income Security Act of 
1974 is amended— 
(i) in clause (ii), by striking ‘‘section 
501(a) of such Code or’’ and inserting 
‘‘section 501(a) of such Code, a plan that 
consists of contracts described in section 
403(b) of such Code, or’’; and 
(ii) in the flush text at the end, by 
striking ‘‘the plan.’’ and inserting ‘‘the 
plan, but such term shall include any pro-
gram (other than a governmental plan) 
maintained for the benefit of the employees 
of more than 1 employer that consists of 
contracts described in section 403(b) of 
such Code and that meets the require-
ments of subparagraph (A) or (B) of sec-
tion 413(e)(1) of such Code.’’. 
(B) 
CONFORMING
AMENDMENTS.—Sec-
tions 3(43)(B)(v)(II) and 3(44)(A)(i)(I) of the 
Employee Retirement Income Security Act of 
1974 are each amended by striking ‘‘section 
401(a) of such Code or’’ and inserting ‘‘401(a) 
of such Code, a plan that consists of contracts 
described in section 403(b) of such Code, or’’. 
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(2) FIDUCIARIES.—Section 3(43)(B)(ii) of the 
Employee Retirement Income Security Act of 1974 
is amended— 
(A) by striking ‘‘trustees meeting the re-
quirements of section 408(a)(2) of the Internal 
Revenue Code of 1986’’ and inserting ‘‘trustees 
(or other fiduciaries in the case of a plan that 
consists of contracts described in section 403(b) 
of the Internal Revenue Code of 1986) meeting 
the requirements of section 408(a)(2) of such 
Code’’; and 
(B) by striking ‘‘holding’’ and inserting 
‘‘holding (or causing to be held under the terms 
of a plan consisting of such contracts)’’. 
(e) REGULATIONS
RELATING
TO
PLAN
TERMI-
NATION.—The Secretary of the Treasury (or the Sec-
retary’s designee) shall prescribe such regulations as may 
be necessary to clarify the treatment of a plan termination 
by an employer in the case of plans to which section 
403(b)(15) of the Internal Revenue Code of 1986 applies. 
(f) MODIFICATION
OF MODEL PLAN LANGUAGE, 
ETC.— 
(1) PLAN
NOTIFICATIONS.—The Secretary of 
the Treasury (or the Secretary’s designee) shall 
modify the model plan language published under sec-
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tion 413(e)(5) of the Internal Revenue Code of 1986 
to include language that notifies participating em-
ployers described in section 501(c)(3), and which are 
exempt from tax under section 501(a), that the plan 
is subject to the Employee Retirement Income Secu-
rity Act of 1974 and that such employer is a plan 
sponsor with respect to its employees participating 
in the multiple employer plan and, as such, has cer-
tain fiduciary duties with respect to the plan and to 
its employees. 
(2) MODEL PLANS FOR MULTIPLE EMPLOYER 
403(b) NON-GOVERNMENTAL PLANS.—For plans to 
which section 403(b)(15)(A) of the Internal Revenue 
Code of 1986 applies (other than a plan maintained 
for its employees by a State, a political subdivision 
of a State, or an agency or instrumentality of any 
one or more of the foregoing), the Secretary of the 
Treasury shall publish model plan language similar 
to model plan language published under section 
413(e)(5) of such Code. 
(3) EDUCATIONAL OUTREACH TO EMPLOYERS 
EXEMPT FROM TAX.—The Secretary of the Treasury 
shall provide education and outreach to increase 
awareness 
to 
employers 
described 
in 
section 
501(c)(3) of the Internal Revenue Code of 1986, 
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and which are exempt from tax under section 501(a) 
of such Code, that multiple employer plans are sub-
ject to the Employee Retirement Income Security 
Act of 1974 and that such employer is a plan spon-
sor with respect to its employees participating in the 
multiple employer plan and, as such, has certain fi-
duciary duties with respect to the plan and to its 
employees. 
(g) NO INFERENCE WITH RESPECT
TO CHURCH 
PLANS.—Regarding any application of section 403(b) of 
the Internal Revenue Code of 1986 to an annuity contract 
purchased under a church plan (as defined in section 
414(e) of such Code) maintained by more than 1 em-
ployer, or to any application of rules similar to section 
413(e) of such Code to such a plan, no inference shall 
be made from section 403(b)(15)(A) of such Code (as 
added by this Act) not applying to such plans. 
(h) EFFECTIVE DATE.— 
(1) IN GENERAL.—The amendments made by 
this section shall apply to plan years beginning after 
December 31, 2021. 
(2) RULE OF CONSTRUCTION.—Nothing in the 
amendments made by subsection (a) shall be con-
strued as limiting the authority of the Secretary of 
the Treasury or the Secretary’s delegate (determined 
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without regard to such amendment) to provide for 
the proper treatment of a failure to meet any re-
quirement applicable under the Internal Revenue 
Code of 1986 with respect to one employer (and its 
employees) in the case of a plan to which section 
403(b)(15) of the Internal Revenue Code of 1986 
applies. 
SEC. 5. SMALL IMMEDIATE FINANCIAL INCENTIVES FOR 
CONTRIBUTING TO A PLAN. 
(a) IN GENERAL.—Subparagraph (A) of section 
401(k)(4) of the Internal Revenue Code of 1986 is amend-
ed by inserting ‘‘(other than a de minimis financial incen-
tive)’’ after ‘‘any other benefit’’. 
(b) SECTION 403(b) PLANS.—Subparagraph (A) of 
section 403(b)(12) of the Internal Revenue Code of 1986, 
is further amended by adding at the end the following: 
‘‘A plan shall not fail to satisfy clause (ii) solely by reason 
of offering a de minimis financial incentive to employees 
to elect to have the employer make contributions pursuant 
to a salary reduction agreement.’’. 
(c) EXEMPTION FROM PROHIBITED TRANSACTION 
RULES.—Subsection (d) of section 4975 of the Internal 
Revenue Code of 1986 is amended by striking ‘‘or’’ at the 
end of paragraph (22), by striking the period at the end 
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of paragraph (23) and inserting ‘‘, or’’, and by adding at 
the end the following new paragraph: 
‘‘(24) the provision of a de minimis financial in-
centive 
described 
in 
section 
401(k)(4)(A) 
or 
403(b)(12)(A).’’. 
(d) AMENDMENT OF EMPLOYEE RETIREMENT IN-
COME SECURITY ACT OF 1974.—Subsection (b) of section 
408 of the Employee Retirement Income Security Act of 
1974 (29 U.S.C. 1108(b)) is amended by adding at the 
end the following new paragraph: 
‘‘(21) The provision of a de minimis financial 
incentive described in section 401(k)(4)(A) or sec-
tion 403(b)(12)(A) of the Internal Revenue Code of 
1986.’’. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to plan years begin-
ning after the date of enactment of this Act. 
SEC. 6. PERFORMANCE BENCHMARKS FOR ASSET ALLOCA-
TION FUNDS. 
(a) IN GENERAL.—Not later than 1 year after the 
date of enactment of this Act, the Secretary of Labor shall 
provide that, in the case of a designated investment alter-
native that contains a mix of asset classes, the adminis-
trator of a plan may, but is not required to, use a bench-
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