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S988119th CongressWALLET

Women's Retirement Protection Act

Sponsored By: Senator Baldwin, Tammy [D-WI]

Introduced

Summary

Requires spousal consent for many defined‑contribution retirement account distributions and beneficiary changes. The bill would also fund grants and require consumer links to CFPB resources to help women access and understand retirement benefits.

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 4 benefits, 0 costs, 0 mixed.

Grants to help get QDROs

If enacted, the Labor Department would run a competitive grant program to help low-income women and survivors of domestic violence prepare and obtain qualified domestic relations orders (QDROs). Grants must be at least $250,000 each. The bill would authorize $100 million per year starting in fiscal year 2026 to run the program. Community groups with experience serving women could apply to the Department of Labor for these grants.

Grants to teach women about money

If enacted, the Labor Department would award competitive grants to community groups to teach working-age and retired women about financial and retirement planning. Grants must be at least $250,000. The bill would authorize $100 million per year starting in fiscal year 2026 to run the program. Local groups with experience helping women could apply to the Department of Labor for these grants.

Spousal consent for retirement accounts

If enacted, many individual retirement plans would generally need your spouse's written consent before most distributions or beneficiary changes. Plans would have to give a written explanation and get spouse consent during a consent period (generally the 90 days before a distribution). Consent must be written, acknowledge the effect, and be witnessed. The bill would preserve several exceptions, such as required minimum distributions, certain annuity or survivor forms, small one-time withdrawals under 25% (once), transfers to a spouse IRA in specified cases, and certain trustee-to-trustee rollovers. The measure would also tie tax-qualified status to meeting these consent rules and allow individuals to sue for relief for violations. These rules would apply to plan years starting one year after enactment.

Required CFPB link on retirement offers

If enacted, companies that offer retirement financial products would have to include an easy link to the Consumer Financial Protection Bureau website. The Financial Literacy and Education Commission would publish the exact link and format. The rule would apply any time you get an offer to buy, sell, or transfer a retirement product or service.

Sponsors & CoSponsors

Sponsor

Baldwin, Tammy [D-WI]

WI • D

Cosponsors

  • Sen. Murray, Patty [D-WA]

    WA • D

    Sponsored 3/12/2025

  • Sen. Cantwell, Maria [D-WA]

    WA • D

    Sponsored 3/12/2025

  • Sen. Blumenthal, Richard [D-CT]

    CT • D

    Sponsored 3/12/2025

  • Sen. Hirono, Mazie K. [D-HI]

    HI • D

    Sponsored 3/12/2025

  • Sen. Klobuchar, Amy [D-MN]

    MN • D

    Sponsored 3/12/2025

  • Sen. Sanders, Bernard [I-VT]

    VT • I

    Sponsored 3/12/2025

  • Sen. Wyden, Ron [D-OR]

    OR • D

    Sponsored 3/12/2025

  • Sen. Van Hollen, Chris [D-MD]

    MD • D

    Sponsored 3/12/2025

  • Sen. Kaine, Tim [D-VA]

    VA • D

    Sponsored 3/12/2025

  • Sen. Warren, Elizabeth [D-MA]

    MA • D

    Sponsored 3/12/2025

  • Sen. Merkley, Jeff [D-OR]

    OR • D

    Sponsored 3/12/2025

  • Sen. Duckworth, Tammy [D-IL]

    IL • D

    Sponsored 3/24/2025

Roll Call Votes

No roll call votes available for this bill.

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