S.975 - Women's Retirement Protection Act116th Congress (2019-2020) |
|Sponsor:||Sen. Murray, Patty [D-WA] (Introduced 04/01/2019)|
|Committees:||Senate - Health, Education, Labor, and Pensions|
|Latest Action:||Senate - 04/01/2019 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.975 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (04/01/2019)
Women's Retirement Protection Act
This bill modifies the requirements for pension plans under the Employee Retirement Income Security Act of 1974 (ERISA) to (1) extend spousal consent requirements that currently apply to defined benefit pension plans to defined contribution pension plans, and (2) allow certain long-term part-time workers to participate in pension plans that include either a qualified cash or deferred arrangement or a salary reduction agreement.
Financial product or service providers who sell retirement financial products or services must provide purchasers of their products or services an easily accessible link to the website of the Consumer Financial Protection Bureau to obtain information relating to retirement planning or later life economic security.
The Women's Bureau of the Department of Labor shall award grants to certain community-based organizations to (1) improve the financial literacy of women who are working age or in retirement, and (2) assist low-income women and survivors of domestic violence in obtaining qualified domestic relations orders and the benefits they are entitled to through the orders.