McCaskill Announces Support for Bill to Remove Obstacles to Women Saving for Retirement

Press Release

U.S. Senator Claire McCaskill today announced her support for the Women's Pension Protection Act, a bill that aims to extend critical protections for women's retirement security, and would expand pension protections for spouses, improve coverage for longer-term part-time workers, and boost resources for women's financial literacy.

"In 2015, gender should have nothing to with your ability to save for retirement, but American women still face institutional barriers that stand between them and financial security when they retire," said McCaskill. "This bill would remove some of those obstacles and put in place protections for workers and their spouses--leveling the playing field for women who want the peace of mind of knowing that when they retire, they'll be able to meet their basic needs and live comfortably."

This legislation would extend spousal protections and consent requirements, as well as extend joint and survivor annuity rules from defined benefit plans to defined contribution plans, and outline the rights of participants and beneficiaries to bring a civil suit if these new requirements are violated.

The bill would also change the minimum participation standards for certain long-term, part-time workers, allowing them--for the first time--to participate in an employer's retirement plan. Additionally, the bill would launch a $100 million competitive grant program--to be administered by the Secretary of Labor--aimed at improving the financial literacy of women.

The median retirement income for women is currently only 59% of what it is for men.

McCaskill--who voted for the Lilly Ledbetter Fair Pay Act in 2009--has also consistently supported the Paycheck Fairness Act, which seeks to end pay discrimination in the workplace but has failed to garner enough support for passage. Previous attempts to pass the Paycheck Fairness Act have been blocked by Congressional Republicans.

Source