Bill > S975

This bill, the Women's Retirement Protection Act, aims to provide greater protections for spouses under defined contribution retirement plans and improve coverage for long-term part-time workers. The key provisions include: 1. Extending the spousal consent requirements that currently apply to defined benefit pension plans to defined contribution plans, with some exceptions. This gives spouses more control over distributions and beneficiary designations. 2. Allowing certain long-term part-time workers to participate in retirement plans with defined contribution or salary reduction features, even if they don't meet the typical service requirements. This improves access to retirement plans for workers, especially women, who are more likely to work part-time. 3. Requiring financial product or service providers to include a link to the Consumer Financial Protection Bureau's website so consumers can access information on retirement planning and economic security. 4. Providing grants to community organizations to improve financial literacy among working-age and retired women, as well as assist low-income women and survivors of domestic violence in obtaining qualified domestic relations orders and the associated retirement benefits. Overall, the bill aims to address gaps in retirement plan coverage and protections that disproportionately impact women, helping to improve their retirement preparedness and financial security.