Women's Retirement Protection Act

The Women's Retirement Protection Act (S 988) requires spousal consent for certain distributions from defined contribution retirement plans (like 401(k)s), addressing a gap where these common plans currently lack protections for spouses that traditional pension plans provide. It aims to protect women's retirement savings during divorce, when retirement accounts are often the largest asset divided. The bill also authorizes $100 million annually for grants to improve financial literacy among women and assist low-income women and domestic violence survivors in obtaining retirement benefits through divorce. These provisions directly affect millions of women who face retirement income gaps due to the gender pay gap and caregiving responsibilities.