Referred to the Committee on Education and Workforce, and in addition to the Committees on Financial Services, and 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.
The Women's Retirement Protection Act addresses significant gaps in women's retirement security by requiring spousal consent protections in defined contribution retirement plans like 401(k)s—a safeguard currently missing from most private sector plans. The bill mandates that spouses provide written, witnessed consent before retirement account distributions or beneficiary changes occur, with limited exceptions for required minimum distributions, small withdrawals under 25 percent of account balance, and certain annuities, while also requiring plan administrators to inform participants and spouses of their rights in advance. Additionally, the legislation creates a private right of action allowing individuals to sue if these protections are violated. The bill authorizes $100 million annually starting in 2026 for competitive grants of at least $250,000 each to community-based organizations that help low-income women and domestic violence survivors obtain and enforce qualified domestic relations orders—legal documents that ensure they receive their entitled share of retirement benefits. These changes target women, who face particular retirement challenges due to wage gaps, caregiving responsibilities, and lack of adequate savings protections.
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