Spousal Consent Proposal Re-Introduced

Representative Lauren Underwood (D-IL) and Senator Tammy Baldwin (D-WI) have re-introduced H.R. 5060, the Women's Retirement Protection Act of 2023 in the House and Senate. According to a press release, the legislation aims to do the following.

• Create spousal protections (similar to those that are available for defined benefit plans) for defined contribution plans.
• Provide grants to community-based organizations in order to increase financial literacy by providing information and financial tools to women who are of working or retirement age.
• Provide grants to community-based organizations that help women with low income and survivors of domestic abuse get qualified domestic relations orders in order to receive the retirement benefits that they’re entitled to following a divorce or legal separation.