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Retirement & Savings Enhancement: Greater Financial Security

This act aims to facilitate retirement and emergency savings by introducing new options for savings accounts linked to retirement plans and streamlining rules for distributions and plan disclosures. The changes are designed to help citizens better manage their finances and enhance retirement security.
Key points
Increased the dollar limit for mandatory distributions from retirement plans from $5,000 to $7,000, allowing more individuals to keep smaller amounts in their plans rather than cashing them out.
Introduced the option for emergency savings accounts linked to defined contribution plans, with a limit of $2,500, making it easier to build a financial cushion for unexpected expenses.
Improved access to retirement plans for part-time workers by modifying service period rules, potentially increasing the number of individuals saving for retirement.
Simplified rules for recovering retirement plan overpayments, protecting participants from aggressive collection practices and setting limits on recoupment.
Mandated specific disclosures for lump sum distribution offers and directed a review to improve fee transparency in retirement plans.
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Expired
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Additional Information
Print number: 117_S_4353
Sponsor: Sen. Murray, Patty [D-WA]
Process start date: 2022-06-07
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Summarized by: gemini-3-pro-preview
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

RISE & SHINE Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_4353.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-06-07.

What are the main provisions?

Key points include:

  • Increased the dollar limit for mandatory distributions from retirement plans from $5,000 to $7,000, allowing more individuals to keep smaller amounts in their plans rather than cashing them out.
  • Introduced the option for emergency savings accounts linked to defined contribution plans, with a limit of $2,500, making it easier to build a financial cushion for unexpected expenses.
  • Improved access to retirement plans for part-time workers by modifying service period rules, potentially increasing the number of individuals saving for retirement.
  • Simplified rules for recovering retirement plan overpayments, protecting participants from aggressive collection practices and setting limits on recoupment.
  • Mandated specific disclosures for lump sum distribution offers and directed a review to improve fee transparency in retirement plans.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Murray, Patty [D-WA].

What is the latest detailed status?

The latest detailed status is: Placed on Senate Legislative Calendar under General Orders. Calendar No. 426.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

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