Sponsors (16)
Ask me what this bill is really trying to do.
This is not an official government website.
Copyright © 2026 PLEJ LC. All rights reserved.
Inserts a new section (designated 205A) into Part 2 of subtitle B of title I of the Employee Retirement Income Security Act of 1974 establishing additional spousal consent requirements for individual account plans to which section 205 does not apply, including specified exceptions, detailed spousal consent procedures, and rules discharging plans from liability.
Amends section 502(a) by adding a new paragraph (12) to authorize an individual to bring a civil action for appropriate relief for violations of rights under the newly added ERISA section 205A.
Amends section 401(a) by inserting a new paragraph (18) that conditions qualification of a trust forming part of a defined contribution plan on meeting additional spousal consent requirements (parallel to ERISA section 205A), with specified exceptions, rollover rules, consent requirements, and a defined consent period.
Strengthens spousal protections for defined contribution retirement plans by requiring a spouse’s written consent for most withdrawals and rollovers. It also improves access to unbiased financial information by directing retirement product providers to display an easy-to-find link to federal retirement education materials. Creates two Labor Department grant programs starting in fiscal year 2026: one to boost financial literacy for working-age and retired women, and another to help low‑income women and survivors of domestic violence secure retirement benefits through qualified domestic relations orders (QDROs). Each program is authorized at $100 million per year. The new spousal‑consent rules generally apply for plan years beginning more than one year after enactment, with defined exceptions and clear standards for valid consent.
About 28 percent of non-retired adults have no defined benefit plan or retirement savings, based on 2023 data from the Board of Governors of the Federal Reserve System.
In 2023, about one-third of the private sector workforce did not have access to a workplace retirement plan, and only half of the workforce participated in a retirement plan.
Women’s retirement preparedness often lags behind men’s; the median income for women aged 65 and older in 2022 was 83 percent of the median income for men aged 65 and older, counting Social Security, pensions, investments, and earnings.
Women aged 80 and older had the highest poverty rate among older persons, with 14.7 percent of women aged 80+ living in poverty versus 10.3 percent of men in that age group.
Women make up two-thirds of low-wage workers, even though they are less than half of all workers; low-wage workers are less likely than other workers to participate in a workplace retirement plan.
Expand sections to see detailed analysis
Referred to the Committee on Education and Workforce, and in addition to the Committees on Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced March 11, 2025 by Lauren Underwood · Last progress March 11, 2025
Referred to the Committee on Education and Workforce, and in addition to the Committees on Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in House