HR 5060 United States House · 118th Congress

Women's Retirement Protection Act

The Women's Retirement Protection Act (HR 5060) would require spousal consent for most distributions from defined contribution retirement plans (like 401(k)s), addressing a gap where women's retirement savings are often unprotected in divorce. It would mandate that financial service providers link to consumer education resources about retirement planning and establish grants to improve financial literacy among women and assist low-income women and domestic violence survivors with retirement benefits. These provisions aim to protect women's retirement savings, which are often lower than men's due to the gender pay gap and caregiving responsibilities.

Issues: ✓ Labor & Employment

Sub-Topics: Retirement Benefits

Bill status in committee 1 of 4 stages cleared

Introduction

Jul 2023

Committee Review

Floor Vote

President

Introduced Jul 27, 2023 Last action Jul 27, 2023

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Committee

Jul 27, 2023

Committee

Referred to the Committee on Education and the 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.

lower

Jul 27, 2023

Introduced

Introduced in House

lower

1 primary · 3 co-sponsors