Women’s Retirement Protection Act Re-Introduced in House/Senate
Senator Patty Murray (D-WA) and Representative Lauren Underwood (D-IL) have introduced the Women’s Retirement Protection Act of 2021 in their respective chambers. The legislation is intended to address what some have identified as a gap between the retirement preparedness of women compared to their male counterparts—a gap seemingly exacerbated by the COVID-19 pandemic. Key provisions of the legislation are as follows.
- Require consent of marital partner for retirement plan loans or distributions
- Reduce long-term, part-time worker eligibility from three years during which an employee earns 500 hours as enacted under the Setting Every Community Up for Retirement Enhancement (SECURE) Act, to two years (this proposal is included in other retirement reform legislation under consideration in the House and Senate)
- Require the providing of consumer protection-type information with financial product or service proposals
- Provide Department of Labor-administered grants to community-based organizations to improve the financial literacy of women and assist in obtaining qualified domestic relations orders