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PSCA Executive Reports

September 28, 2018

Women’s Pension Protection Act

Senator Patty Murray (D-WA), Ranking Member of the Senate Committee on Health, Education, Labor, and Pensions, reintroduced the Women’s Pension Protection Act last week. The bill has two provisions that would affect employer-provided plans. First, it would extend spousal protections to defined contribution plans and clarify that participants and beneficiaries can bring a lawsuit for a violation of the new requirements. Second, it would require that plans cover long-term, part-time employees once those employees have met the qualified plan minimum participation standards (later of age 21 or 1,000 hours of service) or have 500 hours of service in two consecutive 12-month periods and by the end of which the employee has attained age 21. The legislation would also require a new disclosure related to the sale of a retirement financial product or service that directs individuals to the Consumer Financial Protection Bureau’s website, creates a grant program to promote financial literacy for women, and provides grants to community-based organizations to assist low-income women and victims of domestic violence in obtaining qualified domestic relations orders.  

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