Women's Retirement Protection Act

Bill 119 s 988, also known as the Spousal Protection Act, aims to amend the Employee Retirement Income Security Act of 1974 (ERISA) to enhance spousal protection within defined contribution plans. Defined contribution plans are retirement savings accounts where employees and employers contribute funds for retirement, such as 401(k) plans.

The main goal of this bill is to provide greater protections for spouses of individuals who participate in defined contribution plans. Currently, these plans may allow participants to designate beneficiaries other than their spouses, potentially leaving the spouse vulnerable in the event of the participant's death.

The Spousal Protection Act seeks to address this issue by requiring spousal consent for any beneficiary designations that do not name the spouse as the primary beneficiary. This would ensure that spouses are aware of and agree to any decisions that could impact their financial security in retirement. In addition to enhancing spousal protections, the bill also includes provisions for other purposes related to retirement security. These may include measures to improve transparency and accountability within defined contribution plans, as well as safeguards to prevent fraud and abuse. Overall, Bill 119 s 988 aims to strengthen retirement security for spouses and ensure that they are adequately protected within defined contribution plans. By requiring spousal consent for beneficiary designations and implementing other safeguards, the bill seeks to promote financial stability and peace of mind for couples planning for retirement.