SCHNEIDER, BIPARTISAN LAWMAKERS REINTRODUCE RISE ACT TO EXPAND RETIREMENT ACCESS

Washington, DC - Congressman Brad Schneider (IL-10), a member of the House Ways and Means Committee, alongside Representatives Claudia Tenney (NY-24), Adrian Smith (NE-3), and Linda Sánchez (CA-38) today reintroduced the Retirement Investment in Small Employers (RISE) Act, legislation to help micro-businesses and service providers offer retirement plans and expand access to savings opportunities for American workers.

The SECURE 2.0 Act expanded retirement plan startup tax credits for small businesses, covering up to 100 percent of administrative and startup costs for new plans. However, many micro-businesses with fewer than 10 employees were unable to fully benefit due to the credit formula. The RISE Act fixes this gap, ensuring the smallest employers can access the full value of these incentives while also expanding eligibility to include service providers and other independent businesses that help deliver affordable retirement plan options.

"Nearly half of America's workers are employed by small businesses and therefore lack access to employee sponsored retirement plans. The RISE Act helps break down these barriers by addressing the costs and administrative complexity that often prevent small businesses from offering retirement benefits. Small businesses are a key driver of American innovation and a cornerstone of the American economy, yet too many small businesses face barriers to success that larger corporations often do not. We must ensure that the millions of Americans helping small businesses and their local communities thrive, also have the chance to ensure their own their financial security," said Congressman Schneider.

"Main street is the lifeblood of Upstate New York communities, but too many lack the tools to offer retirement benefits to their employees. The RISE Act ensures that micro-businesses can fully access the retirement plan tax credits already available under current law and expands eligibility so more employers can participate. This commonsense fix will help workers save for the future, strengthen small businesses, and support long-term economic stability in communities like those across NY-24," said Congresswoman Tenney.

"Everyone deserves a secure retirement, regardless of where they work. Our bill ensures that the more than half of Americans employed by small businesses have access to the same quality retirement plans as employees at large corporations," said Congresswoman Sanchez.

"Small businesses are the backbone of our communities and the driving force behind our local economies employing nearly half of Nebraska's workforce. They are more than storefronts and services - they are our neighbors, friends, and the familiar faces on Main Street. But rising costs and administrative burdens make it difficult for many small businesses to offer retirement savings plans, putting workers' financial futures at risk. Our RISE Act will level the playing field by helping small businesses remain competitive and empowering them to provide hardworking employees with the retirement security they deserve," said Congressman Smith.

This legislation is also supported by the American Retirement Association:

"Small businesses are the backbone of the American economy, yet too many still lack access to the tools and incentives needed to offer retirement plans to their workers. The RISE Act takes a smart, targeted approach to expanding retirement coverage by strengthening the startup tax credit for the smallest employers and reducing the administrative burdens that often stand in the way of offering a plan. By making it easier and more affordable for small businesses to provide workplace retirement benefits, Representatives Tenney, Schneider, Sánchez, and Smith are helping more Americans build long-term financial security through the workplace retirement system," said Brian Graff, CEO of the American Retirement Association.

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