Women's Retirement Protection Act

The Women's Retirement Protection Act aims to improve retirement security for women by requiring spousal consent for certain retirement plan distributions and beneficiary changes in defined contribution plans (like 401(k)s). It directly affects women participating in workplace retirement plans, particularly those in defined contribution plans who face greater financial vulnerability during divorce. Key provisions include adding "spousal consent requirements" to retirement plans to prevent unilateral decisions about retirement savings, creating grants for financial literacy programs for women, and providing assistance for low-income women and domestic violence survivors in obtaining retirement benefits through divorce. The bill addresses documented disparities where women's average Social Security benefit is $1,638 monthly compared to men's $2,020, and women aged 80+ have a higher poverty rate than men in the same age group.