Women's Retirement Protection Act

Increased Spousal Protection: The bill requires that, in most cases, a spouse must provide written consent before a participant can make a distribution or change a beneficiary under an individual account plan (Section 3(a)(1)).

Enhanced Consumer Information: Financial product or service providers must provide an easily accessible link to the CFPB website, allowing consumers to access resources regarding retirement planning and economic security (Section 5(b)).

Improved Financial Literacy for Women: Through competitive grants, community-based organizations can develop programs to increase women's knowledge of retirement planning and personal financial concepts (Section 6(a) and 6(e)).

Legal Assistance for Vulnerable Women: Grants are authorized to help low-income women and survivors of domestic violence prepare, obtain, and effectuate qualified domestic relations orders to ensure they receive the benefits they are entitled to (Section 7(a) and 7(e)).

Restrictions on Account Access: Participants in individual account plans may face limitations on making distributions or changing beneficiaries without first obtaining written consent from a spouse, which must be witnessed by a plan representative or a notary public (Section 3(a)(1) and 3(e)(1)).

Administrative Exceptions and Conditions: The requirement for spousal consent does not apply if a participant can establish that a spouse cannot be located or under other circumstances prescribed by the Secretary of the Treasury (Section 3(e)(2)).