Congresswoman Tenney, Bipartisan Lawmakers Reintroduce RISE Act to Expand Retirement Access for Small Businesses and Service Providers

May 14, 2026 Press Release Washington, DC — Congresswoman Claudia Tenney (NY-24) , alongside Representatives Brad Schneider (IL-10), 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 of 2022 strengthened retirement plan startup tax credits for small businesses with fewer than 50 employees by covering 100 percent of administrative and startup costs for new plans, up to $5,000 per year. However, the formula used to calculate these credits left many micro-businesses with fewer than 10 employees unable to fully benefit. The RISE Act corrects this gap by ensuring that the smallest employers can leverage the full value of these tax incentives. This updated legislation also expands eligibility to include service providers, recognizing the growing number of independent and service-based businesses that play a critical role in servicing small businesses and providing affordable retirement plan options to their employees. “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. “Small businesses employ nearly half of America’s workers, yet many of their employees still 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 cornerstone of the American economy, yet 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. “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. “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. 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. ### Issues : Health