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New laws, the Ladies’s Retirement Safety Act of 2023, would be sure that a partner can not empty a shared retirement financial savings account with out their accomplice’s consent.
Whereas the wording of the invoice, launched on Aug. 8 by Rep. Lauren Underwood, D-Unwell. and Sen. Tammy Baldwin, D-Wis., is gender impartial, it is meant to “tackle financial inequalities and assist girls obtain monetary safety and independence,” Underwood mentioned.
Underwood was looking for co-sponsors for the invoice final yr.
Within the Home, the laws is co-led by Reps. Jan Schakowsky, D-lll.; Suzanne Bonamici, D-Ore.; and Donald Norcross, D-N.J.
Within the 117th Congress, a provision from the Ladies’s Retirement Safety Act of 2021 was signed into legislation, increasing retirement plan eligibility for part-time staff, most of whom are girls, the lawmakers defined.
For a lot of working households, their 401(okay) plan, the lawmakers mentioned in an announcement, “is commonly their largest asset other than their residence.”
Beneath present legislation, one partner might take a distribution or a mortgage from the plan with out the opposite partner’s information or consent, the lawmakers mentioned.
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