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Congress·In Committee·H.R. 2023

Congress Proposes New Rules Requiring Spousal Consent for 401(k) Withdrawals to Protect Women's Retirement

Women's Retirement Protection Act

about 1 year ago·View on Congress.gov
⏸

Stalled

No legislative action in over 90 days.

Legislative Progress

House
Senate
President
Law

Key Points

  • Congress is considering a bill to make sure spouses have a say in how retirement money is spent. Currently, many retirement plans like 401(k)s allow one person to take out money without telling their spouse. This bill would require written, notarized consent from a spouse before most large withdrawals or loans can be made.
  • The plan aims to help women, who often have less retirement savings than men due to lower pay and time taken off for caregiving. Statistics show that women over 80 are more likely to live in poverty than men. By requiring both spouses to agree on withdrawals, the bill tries to ensure that shared household savings aren't emptied by one person.
  • There are some exceptions to the consent rule. Spouses wouldn't need to sign off on very small withdrawals (less than 25% of the account) or if half of the money is moved directly into the spouse’s own retirement account. It also wouldn't apply if a spouse cannot be located or if the couple has been married for less than a year.
  • The bill would provide $200 million in yearly grants. Half of this money would go toward teaching women about financial planning. The other half would help low-income women and survivors of domestic violence get their fair share of retirement assets during a divorce, which can often be expensive and complicated to handle.
  • If passed, these rules would generally start about one year later. Financial companies would also be required to provide clear links to government websites that offer free tools and advice on how to plan for a stable retirement.
Economy FinanceLabor EmploymentCivil Rights

Impact Analysis

Personal Impact

Scores: 1 = low, 5 = highSentiment: -5 to +5 (net benefit)

Milestones

2 milestones2 actions
Mar 11, 2025House

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.

Mar 11, 2025

Introduced in House

Related Bills

1 bill
S. 988Identical bill

Women's Retirement Protection Act

Mar 12 — Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Source Information

Document Type

Congressional Bill

Official Title

Women's Retirement Protection Act

Bill NumberHR 2023
Congress119th Congress
ChamberHouse of Representatives
Latest ActionReferred 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.

Sponsor

Cosponsors

(15)
D: 14R: 1

Analysis generated by AI. Always verify with official sources.