Women's Retirement Protection Act

The Women's Retirement Protection Act would require spousal consent for certain distributions from defined contribution retirement plans (like 401(k)s), similar to protections already in place for defined benefit plans. The bill mandates that retirement plans provide written explanations of rights before distributions or beneficiary changes, with a 90-day consent period for spouses. It also creates two new grant programs: $100 million annually to improve financial literacy for women and $100 million for low-income women and domestic violence survivors to access retirement assets through divorce settlements. These provisions would directly affect women in workplace retirement plans, particularly those in defined contribution plans who currently lack spousal protections. The bill focuses on concrete changes to retirement plan rules rather than altering Social Security benefits.