,,ii  #aaith ,,congress  #ast ,session  
,s4 #ihh  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,march #ab1         
#bjbe,ms4 ,baldwin 7for herself1 ,mrs4  
,murray1 ,ms4 ,cantwell1 ,mr4           
,blumenthal1 ,ms4 ,hirono1 ,ms4         
,klobuchar1 ,mr4 ,sanders1 ,mr4 ,wyden1 
,mr4 ,van ,hollen1 ,mr4 ,kaine1 ,ms4    
,warren1 and ,mr4 ,merkley7 introduced  
the following bill2 which was read twice
 and referred to the ,committee on      
,health1 ,education1 ,labor1 and        
,pensions  ,a ,,bill  ,to amend the     
,employee ,retirement ,income ,security 
,act of #aigd to provide for greater    
spousal protection under defined        
contribution plans1 and for other       
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,women's ,retirement
 ,protection ,act4  #b4 ,findings       
,congress finds the following3 7#a7     
,approximately #bh percent of           
non-retired adults have no defined      
benefit plan or retirement savings1     
according to #bjbc data from the ,board 

of ,governors of the ,federal ,reserve  
,system4  7#b7 ,in #bjbc1 approximately 
#a_/c of the private sector workforce   
did not have access to a retirement plan
 at the workplace1 and only half of the 
workforce actually participated in a    
retirement plan4  7#c7 ,women's         
retirement preparedness often lags      
significantly behind their male         
counterparts'1 resulting in the median  
income for women aged #fe and older in  
#bjbb being just #hc percent of the     
median income of men aged #fe and older1
 including income from social security1 
pension plans1 investments1 and         
earnings4  7#d7 ,women aged #hj and     
older had the highest poverty rate among
 older persons in all age groups1 with  
#ad4g percent of women aged #hj and     
older living in poverty while #aj4c     
percent of men in the same age group    
live in poverty4  7#e7 ,women make up   
two-thirds of low-wage workers1 even    
though they comprise less than half of  
all workers1 and low-wage workers are   

less likely than other workers to       
participate in a retirement plan at     
work4  7#f7 ,because of the pay gap1    
women working full-time1 year-round     
typically lose #cih1afj over a #dj-year 
career thereby requiring the average    
woman to work almost a decade longer    
than her male counterpart to make up    
that career wage gap4  7#g7 ,due to the 
lower lifetime wages stemming from      
unequal pay and caregiving duties1 the  
average ,social ,security benefit in    
#bjbc for a woman was #a1fch a month1   
while for men such average monthly      
benefit was #b1jbj4  7#h7 ,while the    
,,secure #b4j ,act of #bjbb 7,public    
,law #aag-cbh7 goes a long way to       
address this coverage gap1 just #a in #e
 part-time workers who work a full year 
are eligible for a retirement plan1 and 
women are almost twice as likely to work
 part-time as men4  7#i7 ,while         
traditional defined benefit retirement  
plans have spousal protections1 defined 
contribution retirement plans1 which    

have become increasingly common1        
currently provide no similar spousal    
protections4  7#aj7 ,the ,thrift        
,savings ,plan of the ,federal          
,government1 the largest defined        
contribution plan in the world with     
approximately #f1ejj1jjj participants1  
requires its married participants to    
have their spouses' consent for         
withdrawals and loans4  7#aa7 ,there    
were almost #iij1jjj divorces in the    
,united ,states between #bjbj and #bjba4
 ,after the family home1 retirement     
savings tends to be the largest asset to
 be divided in a divorce4  7#ab7 ,while 
fees and expenses associated with       
retirement plans have been in decline1  
participants have seen direct charges   
for processing qualified domestic       
relations orders increase significantly4
  #c4 ,increasing spousal protection    
under defined contribution plans  7a7   
,amendment of ,employee ,retirement     
,income ,security ,act of #aigd  7#a7   
,in general ,part #b of subtitle ,b of  

title ,i of the ,employee ,retirement   
,income ,security ,act of #aigd 7#bi    
,u4,s4,c4 #ajea et seq47 is amended by  
inserting after section #bje the        
following new section3  #bje;,a4        
,additional spousal consent requirements
  7a7 ,in general ,each individual      
account plan to which section #bje does 
not apply shall provide that1 except as 
provided in subsections 7c7 and 7d71 no 
distribution may be made under the plan 
unless the spousal consent requirements 
of subsection 7e7 are met4  7b7         
,coordination with section #bje ,nothing
 in this section shall be construed to  
exempt an individual account plan from  
the requirements of section #bje with   
respect to any participant4  7c7        
,exceptions for certain distributions   
,subsection 7a7 shall not apply to--    
7#a7 any distribution that is-- 7,a7 a  
minimum required distribution described 
in section #digd7;b7 of the ,internal   
,revenue ,code of #aihf2  7,b7 permitted
 under section #bjc7;e77#a7 to be made  

without the consent of the participant2 
or  7,c7 in an amount that is less than 
#be percent of the account balance1 but 
not more than once per account2  7#b7   
any distribution in the form of a       
qualified joint and survivor annuity 7as
 defined in section #bje7;d77#a771 a    
qualified optional survivor annuity 7as 
defined in section #bje7;d77#b771 a     
qualified preretirement survivor annuity
 7as defined in section #bje7;e771 or a 
series of substantially equal periodic  
payments 7not less frequently than      
annually7 made for the joint lives 7or  
life expectancies7 of the participant   
and the participant's spouse2 or  7#c7  
in the case of a participant who does   
not elect a form of benefit described in
 paragraph 7#b7 under the plan or who is
 participating in a plan that does not  
provide such a form of benefit1 any     
distribution of the participant's entire
 nonforfeitable accrued benefit if #ej  
percent of such accrued benefit is      
transferred to an individual retirement 

plan 7as defined in section             
#ggja7;a77#cg7 of the ,internal ,revenue
 ,code of #aihf7 of the spouse of the   
participant4  ,a transfer described in  
paragraph 7#c7 to an individual         
retirement plan shall be treated in the 
same manner as a transfer under section 
#djh7;d77#f7 of the ,internal ,revenue  
,code of #aihf4  7d7 ,exceptions for    
certain rollover contributions          
,subsection 7a7 shall not apply to any  
distribution1 involving a participant   
who has a spouse1 that is an eligible   
rollover distribution 7as defined in    
section #djb7;f77#b77;,a7 of the        
,internal ,revenue ,code of #aihf7 made 
in the form of a direct                 
trustee-to-trustee transfer within the  
meaning of section #dja7;a77#ca7 of the 
,internal ,revenue ,code of #aihf-- 7#a7
 to a plan to which this section or     
section #bje applies2 or  7#b7 to an    
individual retirement plan 7as defined  
in section #ggja7;a77#cg7 of the        
,internal ,revenue ,code of #aihf7 if-- 

7,a7 the beneficiary of such plan is the
 spouse of the participant1 or the      
spousal consent requirements of         
subsection 7e7 are met with respect to  
any designation of #a or more other     
beneficiaries2 and  7,b7 under the terms
 of the individual retirement plan1 the 
beneficiary of such plan 7whether the   
spouse or other beneficiary designated  
under paragraph 7#a77 may not be changed
 unless-- 7i7 the spousal consent       
requirements of subsection 7e7 are met  
with respect to any such change1 or     
7ii7 the spousal consent under          
subparagraph 7,a7 to the designation of 
a beneficiary other than the spouse     
expressly permits such designation to be
 changed without the further consent of 
the spouse4  7e7 ,spousal consent       
requirements  7#a7 ,in general ,for     
purposes of this section1 except as     
provided in paragraph 7#b71 the spousal 
consent requirements of this subsection 
are met with respect to any distribution
 or any designation or change of        

beneficiary if-- 7,a7 the plan provides 
to each participant1 within a reasonable
 period of time before such distribution
 or designation or change of beneficiary
 is made and consistent with such       
regulations as the ,secretary of the    
,treasury may prescribe1 a written      
explanation of the rights of the        
participant and the participant's spouse
 under this section2  7,b7 the spouse of
 the participant consents in writing to 
the distribution or designation or      
change of beneficiary2  7,c7 in the case
 of a distribution1 the written consent 
under subparagraph 7,b7 is made during  
the consent period2 and  7,d7 the       
written consent under subparagraph      
7,b7-- 7i7 acknowledges the effect of   
such distribution or designation or     
change of beneficiary2 and  7ii7 is     
witnessed by a plan representative or a 
notary public4  7#b7 ,exceptions under  
section #bje to apply ,the requirements 
of paragraph 7#a7 7other than           
subparagraph 7,a7 thereof7 shall not    

apply with respect to any distribution  
or designation or change of beneficiary 
if a participant establishes to the     
satisfaction of the plan administrator  
that-- 7,a7 there is no spouse2  7,b7   
the participant and the participant's   
spouse have not been married for at     
least #a year as of the date of the     
distribution or designation or change of
 beneficiary2 or  7,c7 such consent     
cannot be obtained because-- 7i7 the    
spouse cannot be located2 or  7ii7 of   
such other circumstances as the         
,secretary of the ,treasury1 in         
consultation with the ,secretary of     
,labor1 may by regulations prescribe4   
7#c7 ,consent limited to spouse and     
event ,any written consent by a spouse  
under paragraph 7#a71 or the            
establishment by a participant that an  
exception under paragraph 7#b7 7other   
than subparagraph 7,a7 thereof7 applies 
with respect to a spouse1 shall be      
effective only with respect to that     
spouse and to the distribution or       

designation or change of beneficiary to 
which it relates4  7#d7 ,consent period 
,for purposes of this subsection1 the   
term consent period means1 with respect 
to any distribution-- 7,a7 the #ij-;day 
period immediately preceding the date of
 such distribution2 or  7,b7 such other 
period as the ,secretary of the         
,treasury may provide4  7f7 ,discharge  
of plan from liability ,rules similar to
 the rules of section #bje7;c77#f7 shall
 apply for purposes of this section4  4 
7#b7 ,clerical amendment ,the table of  
sections of part #b of subtitle ,b of   
title ,i of the ,employee ,retirement   
,income ,security ,act of #aigd is      
amended by inserting after the item     
relating to section #bje the following  
new item3  ,sec4 #bje;,a4 ,additional   
spousal consent requirements4  4  7#c7  
,right of action ,section #ejb7;a7 of   
the ,employee ,retirement ,income       
,security ,act of #aigd 7#bi ,u4,s4,c4  
#aacb7 is amended-- 7,a7 by striking or 
at the end of paragraph 7#aj72  7,b7 by 

striking the period at the end of       
paragraph 7#aa7 and inserting 2 or2 and 
7,c7 by adding at the end the following 
new paragraph3  7#ab7 by an individual  
for appropriate relief in the case of a 
violation of the individual's rights    
under section #bje;,a4  4  7b7          
,conforming amendment to ,internal      
,revenue ,code of #aihf ,section        
#dja7;a7 of the ,internal ,revenue ,code
 of #aihf is amended by inserting after 
paragraph 7#ag7 the following new       
paragraph3  7#ah7 ,additional spousal   
consent requirements  7,a7 ,in general  
,in the case of a defined contribution  
plan to which paragraph 7#aa7 does not  
apply1 except as provided in subsections
 7c7 and 7d71 a trust forming part of   
such plan shall not constitute a        
qualified trust under this section      
unless no distribution may be made under
 the plan unless the spousal consent    
requirements of subparagraph 7,e7 are   
met4  7,b7 ,coordination with paragraph 
7#aa7 ,nothing in this paragraph shall  

be construed to exempt a defined        
contribution plan from the requirements 
of paragraph 7#aa7 with respect to any  
participant4  7,c7 ,exceptions for      
certain distributions ,subparagraph 7,a7
 shall not apply to-- 7i7 any           
distribution that is-- 7,i7 a minimum   
required distribution described in      
section #digd7;b71  7,,ii7 permitted    
under section #daa7;a77#aa7 to be made  
without the consent of the participant1 
or  7,,iii7 in an amount that is less   
than #be percent of the account balance1
  7ii7 any distribution in the form of a
 qualified joint and survivor annuity   
7as defined in section #dag7;b771 a     
qualified optional survivor annuity 7as 
defined in section #dag7;g771 a         
qualified preretirement survivor annuity
 7as defined in section #dag7;c771 or a 
series of substantially equal periodic  
payments 7not less frequently than      
annually7 made for the joint lives 7or  
life expectancies7 of the participant   
and the participant's spouse1 or  7iii7 

in the case of a participant who does   
not elect a form of benefit described in
 clause 7ii7 under the plan or who is   
participating in a plan that does not   
provide such a form of benefit1 any     
distribution of the participant's entire
 nonforfeitable accrued benefit if #ej  
percent of such accrued benefit is      
transferred to an individual retirement 
plan of the spouse of the participant4  
,a transfer described in clause 7iii7 to
 an individual retirement plan shall be 
treated in the same manner as a transfer
 under section #djh7;d77#f74  7,d7      
,exceptions for certain rollover        
contributions ,subparagraph 7,a7 shall  
not apply to any distribution1 involving
 a participant who has a spouse1 that is
 an eligible rollover distribution 7as  
defined in section #djb7;f77#b77;,a77   
made in the form of a direct            
trustee-to-trustee transfer within the  
meaning of paragraph 7#ca7-- 7i7 to a   
plan to which this paragraph or         
paragraph 7#aa7 applies1 or  7ii7 to an 

individual retirement plan if-- 7,i7 the
 beneficiary of such plan is the spouse 
of the participant1 or the spousal      
consent requirements of subparagraph    
7,e7 are met with respect to any        
designation of #a or more other         
beneficiaries1 and  7,,ii7 under the    
terms of the individual retirement plan1
 the beneficiary of such plan 7whether  
the spouse or other beneficiary         
designated under subclause 7,i77 may not
 be changed unless-- 7aa7 the spousal   
consent requirements of subparagraph    
7,e7 are met with respect to any such   
change1 or  7bb7 the spousal consent    
under subclause 7,i7 to the designation 
of a beneficiary other than the spouse  
expressly permits such designation to be
 changed without the further consent of 
the spouse4  7,e7 ,spousal consent      
requirements  7i7 ,in general ,for      
purposes of this paragraph1 except as   
provided in clause 7ii71 the spousal    
consent requirements of this            
subparagraph are met with respect to any

 distribution or any designation or     
change of beneficiary if-- 7,i7 the plan
 provides to each participant1 within a 
reasonable period of time before such   
distribution or designation or change of
 beneficiary is made and consistent with
 such regulations as the ,secretary may 
prescribe1 a written explanation of the 
rights of the participant and the       
participant's spouse under this         
paragraph1  7,,ii7 the spouse of the    
participant consents in writing to the  
distribution or designation or change of
 beneficiary1  7,,iii7 in the case of a 
distribution1 the written consent under 
subclause 7,,ii7 is made during the     
consent period1 and  7,,iv7 the written 
consent under subclause 7,,ii7-- 7aa7   
acknowledges the effect of such         
distribution or designation or change of
 beneficiary1 and  7bb7 is witnessed by 
a plan representative or a notary       
public4  7ii7 ,exceptions under section 
#dag to apply ,the requirements of      
clause 7i7 7other than subclause 7,i7   

thereof7 shall not apply with respect to
 any distribution or designation or     
change of beneficiary if a participant  
establishes to the satisfaction of the  
plan administrator that-- 7,i7 there is 
no spouse1  7,,ii7 the participant and  
the participant's spouse have not been  
married for at least #a year as of the  
date of the distribution or designation 
or change of beneficiary1 or  7,,iii7   
such consent cannot be obtained         
because-- 7aa7 the spouse cannot be     
located1 or  7bb7 of such other         
circumstances as the ,secretary1 in     
consultation with the ,secretary of     
,labor1 may by regulations prescribe4   
7iii7 ,consent limited to spouse and    
event ,any written consent by a spouse  
under clause 7i71 or the establishment  
by a participant that an exception under
 clause 7ii7 7other than subclause 7,i7 
thereof7 applies with respect to a      
spouse1 shall be effective only with    
respect to that spouse and to the       
distribution or designation or change of

 beneficiary to which it relates4  7iv7 
,consent period ,for purposes of this   
subparagraph1 the term consent period   
means1 with respect to any              
distribution-- 7,i7 the #ij-;day period 
immediately preceding the date of such  
distribution1 or  7,,ii7 such other     
period as the ,secretary may provide4  4
  #d4 ,effective dates  7a7 ,increasing 
spousal protection under defined        
contribution plans ,except as provided  
in subsection 7b71 the amendments made  
by section #c shall apply to            
distributions and rollover contributions
 made in plan years beginning after the 
date that is #a year after the date of  
the enactment of this ,act4  7b7        
,provisions relating to plan amendments 
7#a7 ,in general ,if this paragraph     
applies to any plan or contract         
amendment1 such plan or contract shall  
be treated as being operated in         
accordance with the terms of the plan   
during the period described in paragraph
 7#b77;,c74  7#b7 ,amendments to which  

paragraph 7#a7 applies  7,a7 ,in general
 ,paragraph 7#a7 shall apply to any     
amendment to any plan or annuity        
contract which is made-- 7i7 pursuant to
 the amendments made by section #c or   
pursuant to any regulation issued under 
section #bje;,a of the ,employee        
,retirement ,income ,security ,act of   
#aigd or section #dja7;a77#ah7 of the   
,internal ,revenue ,code of #aihf1 as   
added by section #c2 and  7ii7 on or    
before the last day of the first plan   
year beginning on or after the date that
 is #c years after the date described in
 subsection 7a74  ,in the case of a     
governmental plan 7as defined in section
 #dad7;d7 of the ,internal ,revenue     
,code of #aihf71 this subparagraph shall
 be applied by substituting #e years for
 #c years in clause 7ii74  7,b7         
,conditions ,subparagraph 7,a7 shall not
 apply to any amendment unless-- 7i7 the
 plan or contract is operated as if such
 plan or contract amendment were in     
effect for the period described in      

subparagraph 7,c72 and  7ii7 such plan  
or contract amendment applies           
retroactively for such period4  7,c7    
,period described ,the period described 
in this subparagraph is the period-- 7i7
 beginning on the effective date        
specified by the plan2 and  7ii7 ending 
on the date described in subparagraph   
7,a77ii7 7or1 if earlier1 the date the  
plan or contract amendment is adopted74 
#e4 ,access to independent consumer     
information and understanding  7a7      
,definitions ,in this section-- 7#a7 the
 term consumer means any person who     
purchases or acquires any goods1        
products1 services1 or credit related to
 the retirement or later life economic  
security of the consumer2 and  7#b7 the 
term financial product or service       
provider means any person who engages in
 the business of providing any          
retirement financial product or service 
to any consumer4  7b7 ,required link to 
consumer awareness information ,in any  
offer for the sale1 exchange1 or other  

transfer of a retirement financial      
product or service to a consumer carried
 out by a financial product or service  
provider1 such provider shall provide1  
in a manner consistent with subsection  
7c71 an easily accessible link to the   
website of the ,bureau of ,consumer     
,financial ,protection 7referred to in  
this section as the ,,cfpb7 at which the
 consumer may access information1       
literature1 guides1 programs1 tools1    
strategies1 or any other resource       
produced by the ,,cfpb or other ,federal
 agency relating to retirement planning 
or later life economic security4  7c7   
,determination ,in order to ensure that 
the requirement under subsection 7b7 is 
effectively carried out1 the ,financial 
,literacy and ,education ,commission    
shall determine and publish on its      
website the appropriate link to the     
,,cfpb's website for access to the      
,,cfpb's and other ,federal agencies'   
consumer education materials1 the       
preferred format of such link1 and any  

accompanying description of the ,,cfpb  
and the consumer education materials    
associated with such link4  #f4 ,grants 
to promote financial literacy for women 
7a7 ,authorization of grant awards ,the 
,secretary of ,labor1 acting through the
 ,director of the ,women's ,bureau1     
shall award grants on a competitive     
basis to eligible entities to enable    
such entities to improve the financial  
literacy of women who are working age or
 in retirement1 to increase the         
likelihood of the women realizing a     
secure and stable retirement4  7b7      
,definition of eligible entity ,in this 
section1 the term eligible entity means 
a community-based organization with     
proven experience and expertise in      
serving working-age or retired women4   
7c7 ,application ,an eligible entity    
that desires to receive a grant under   
this section shall submit an application
 to the ,secretary of ,labor at such    
time1 in such manner1 and accompanied by
 such information as such ,secretary may

 require4  7d7 ,minimum grant amount    
,the ,secretary of ,labor shall award   
grants under this section in amounts of 
not less than #bej1jjj4  7e7 ,use of    
funds ,an eligible entity that receives 
a grant under this section shall use the
 grant funds to develop and implement   
financial literacy education1 and       
related activities including outreach1  
awareness building1 and counseling to   
increase women's knowledge of retirement
 planning and consumer1 economic1 and   
personal financial concepts4  7f7       
,authorization of appropriations ,there 
is authorized to be appropriated to     
carry out this section #ajj1jjj1jjj for 
fiscal year #bjbf and each succeeding   
fiscal year4  #g4 ,grants to assist     
low-income women and survivors of       
domestic violence in obtaining qualified
 domestic relations orders  7a7         
,authorization of grant awards ,the     
,secretary of ,labor1 acting through the
 ,director of the ,women's ,bureau and  
in conjunction with the ,assistant      

,secretary of the ,employee ,benefits   
,security ,administration1 shall award  
grants1 on a competitive basis1 to      
eligible entities to enable such        
entities to assist low-income women and 
survivors of domestic violence in       
obtaining qualified domestic relations  
orders and ensuring that those women    
actually obtain the benefits to which   
they are entitled through those orders4 
7b7 ,definition of eligible entity ,in  
this section1 the term eligible entity  
means a community-based organization    
with proven experience and expertise in 
serving women and the financial and     
retirement needs of women4  7c7         
,application ,an eligible entity that   
desires to receive a grant under this   
section shall submit an application to  
the ,secretary of ,labor at such time1  
in such manner1 and accompanied by such 
information as the ,secretary of ,labor 
may require4  7d7 ,minimum grant amount 
,the ,secretary of ,labor shall award   
grants under this section in amounts of 

not less than #bej1jjj4  7e7 ,use of    
funds ,an eligible entity that receives 
a grant under this section shall use the
 grant funds to develop programs to     
offer help to low-income women or       
survivors of domestic violence who need 
assistance in preparing1 obtaining1 and 
effectuating a qualified domestic       
relations order4  7f7 ,authorization of 
appropriations ,there is authorized to  
be appropriated to carry out this       
section #ajj1jjj1jjj for fiscal year    
#bjbf and each succeeding fiscal year4