Congresswoman Claudia Tenney, along with Representatives Brad Schneider, Adrian Smith, and Linda Sánchez, announced on May 14 the reintroduction of the Retirement Investment in Small Employers (RISE) Act. The legislation aims to help micro-businesses and service providers offer retirement plans and increase savings opportunities for American workers.
The issue is significant because many small business employees still lack access to employer-sponsored retirement plans. Lawmakers say that administrative costs and complexity often prevent these businesses from offering such benefits. The RISE Act seeks to address this by ensuring that the smallest employers can fully benefit from tax incentives established under current law.
The SECURE 2.0 Act of 2022 previously strengthened tax credits for small businesses with fewer than 50 employees but left out many micro-businesses with fewer than ten employees due to its calculation formula. The new bill adjusts this gap so that these smaller firms can take full advantage of available credits. It also expands eligibility to include service providers, acknowledging their growing role in supporting small businesses.
“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.
Other lawmakers echoed her sentiments about the importance of helping small business workers achieve financial security through better access to workplace retirement options. “Small businesses employ nearly half of America’s workers, yet many of their employees still lack access to employee sponsored retirement plans… 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.
Brian Graff, CEO of the American Retirement Association, expressed support for the bill: “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… By making it easier and more affordable for small businesses to provide workplace retirement benefits… [lawmakers] are helping more Americans build long-term financial security through the workplace retirement system.”
Claudia Tenney has represented New York’s 24th district in Congress since 2021 after replacing Anthony Brindisi according to Wikipedia. She previously served in the New York State Assembly from 2011 until 2016 according to Wikipedia. Born in New Hartford in 1961 and currently residing in Canandaigua at age 62 according to Wikipedia, Tenney graduated from Colgate University with a BA before earning her JD at University of Cincinnati according to Wikipedia.
