Women's Retirement Protection Act

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.

Bill 119 hr 2023, also known as the Spousal Protection Act, aims to amend the Employee Retirement Income Security Act of 1974 to enhance spousal protection within defined contribution plans. The bill seeks to provide greater financial security for spouses by ensuring that they receive a portion of their partner's retirement savings in the event of divorce or death.

Specifically, the bill includes provisions that require defined contribution plans to offer spousal consent for any distribution of retirement savings, as well as protections for spousal rights to survivor benefits. Additionally, the bill aims to improve transparency and communication between plan administrators and participants regarding spousal rights and benefits.

Overall, the Spousal Protection Act is designed to strengthen the financial security of spouses who rely on their partner's retirement savings, ensuring that they are adequately protected in the event of unforeseen circumstances.