IB 
Union Calendar No. 471 
117TH CONGRESS 
2D SESSION 
H. R. 7310 
[Report No. 117–557, Part I] 
To protect America’s retirement security, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 31, 2022 
Mrs. MCBATH (for herself, Mr. SCOTT of Virginia, Mrs. WATSON COLEMAN, 
Mr. COURTNEY, Ms. UNDERWOOD, and Ms. MANNING) introduced the 
following bill; which was referred to the Committee on Education and 
Labor, and in addition to the Committee on Ways and Means, for a pe-
riod to be subsequently determined by the Speaker, in each case for con-
sideration of such provisions as fall within the jurisdiction of the com-
mittee concerned 
NOVEMBER 14, 2022 
Reported from the Committee on Education and Labor with an amendment 
[Strike out all after the enacting clause and insert the part printed in italic] 
[Referral to the Committee on Ways and Means, extended grace period ending not later than 
January 2, 2023] 
[For text of introduced bill, see copy of bill as introduced on March 31, 2022] 
NOVEMBER 14, 2022 
Referral to the Committee on Ways and Means extended for a period ending 
not later than January 2, 2023 
DECEMBER 20, 2022 
Additional sponsors: Mr. LEVIN of Michigan, Ms. LEGER FERNANDEZ, Mr. 
SABLAN, Mr. MFUME, Ms. BONAMICI, Mr. MRVAN, Mr. TAKANO, Mr. 
ESPAILLAT, Mr. DESAULNIER, Ms. STEVENS, and Mr. POCAN 
DECEMBER 20, 2022 
Committee on Ways and Means discharged; committed to the Committee of 
the Whole House on the State of the Union and ordered to be printed 
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[For text of introduced bill, see copy of bill as introduced on March 31, 2022] 
A BILL 
To protect America’s retirement security, and for other 
purposes. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the ‘‘Pro-
tecting America’s Retirement Security Act of 2022’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
Sec. 2. Defined contribution plan fee disclosure improvements. 
Sec. 3. Personal finance education portal. 
Sec. 4. Increasing spousal protection under defined contribution plans. 
Sec. 5. Automatic reenrollment. 
Sec. 6. Employee Ownership and Participation Initiative. 
Sec. 7. Refund to Rainy Day Savings Program. 
SEC. 2. DEFINED CONTRIBUTION PLAN FEE DISCLOSURE 
IMPROVEMENTS. 
Not later than 2 years after the date of enactment of 
this Act, the Secretary of Labor shall review section 
2550.404a-5 of title 29, Code of Federal Regulations, and 
explore how the content and design of the covered disclosures 
may be improved to enhance participants’ understanding 
of fees and expenses as well as the cumulative effect of fees 
and expenses on retirement savings over time. As part of 
such review, the Secretary shall conduct outreach to stake-
holders, including those representing plan sponsors and re-
tirement plan participants. 
SEC. 3. PERSONAL FINANCE EDUCATION PORTAL. 
(a) IN GENERAL.—Not later than 3 years after the 
date of enactment of this Act, the Secretary of Education, 
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in consultation with the Director of the Bureau of Con-
sumer Financial Protection, the Secretary of the Treasury 
as chair of the Financial Literacy and Education Commis-
sion, and the Commissioner of Internal Revenue, shall cre-
ate a personal finance education portal on a centralized 
and publicly available website of the Department of Edu-
cation pertaining to Federal financial aid for voluntary use 
by recipients of aid awarded under title IV of the Higher 
Education Act of 1965. 
(b) CONTENT
OF PERSONAL FINANCE EDUCATION 
PORTAL.—The personal finance education portal created 
under subsection (a) shall include information on personal 
finance concepts, including the following: 
(1) Core personal finance concepts, such as earn-
ing, saving, investing, spending, and borrowing, in-
cluding— 
(A) the concept of compound growth as it 
applies to savings and retirement savings, with 
information about the different types of retire-
ment savings accounts; and 
(B) budgeting and credit usage. 
(2) Managing student loan repayment, includ-
ing— 
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(A) the interaction between savings and re-
tirement decisions and Federal student loan re-
payment plans; 
(B) Federal student loan discharge or for-
giveness options; 
(C) the types of voluntary benefits employ-
ers may use to help workers while they are pay-
ing down student loan debt; 
(D) tax credits or deductions that are rel-
evant to student loan borrowers in repayment; 
and 
(E) any other Federal policies that signifi-
cantly impact student loan borrowers in repay-
ment, as determined by the Secretary. 
(3) Any other personal finance concepts deter-
mined relevant by the Secretary of Education, in con-
sultation with the Director of the Bureau of Con-
sumer Financial Protection, the Secretary of the 
Treasury as chair of the Financial Literacy and 
Education Commission, and the Commissioner of In-
ternal Revenue. 
(c) PROVISION OF CONTENT.—The personal finance 
content included under subsection (b) may be provided in 
an interactive format through text or video. 
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(d) ANALYTICS.—The Secretary of Education, in con-
sultation with the Director of the Bureau of Consumer Fi-
nancial Protection, the Secretary of the Treasury as chair 
of the Financial Literacy and Education Commission, and 
the Commissioner of Internal Revenue, shall review not less 
than once every three years the utilization of the portal, 
make recommendations to improve the portal, and make 
such findings and recommendations publicly available. 
(e) AUTHORIZATION OF APPROPRIATIONS.—There are 
authorized to be appropriated such sums as may be nec-
essary to carry out this section. 
SEC. 4. INCREASING SPOUSAL PROTECTION UNDER DE-
FINED CONTRIBUTION PLANS. 
(a) AMENDMENTS
TO EMPLOYEE RETIREMENT IN-
COME SECURITY ACT OF 1974.— 
(1) IN GENERAL.—Part 2 of subtitle B of title I 
of the Employee Retirement Income Security Act of 
1974 (29 U.S.C. 1051 et seq.) is amended by inserting 
after section 205 the following new section: 
‘‘SEC. 205A. ADDITIONAL SPOUSAL CONSENT REQUIRE-
MENTS. 
‘‘(a) IN GENERAL.—Each individual account plan to 
which section 205 does not apply (but to which this title 
otherwise applies) shall provide that, except as provided in 
subsections (c) and (d), no distribution may be made under 
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the plan unless the spousal consent requirements of sub-
section (e) are met. 
‘‘(b) COORDINATION WITH SECTION 205.—Nothing in 
this section shall be construed to exempt an individual ac-
count plan from the requirements of paragraph (1)(B), 
(1)(C), or (2) of section 205(b) with respect to any partici-
pant. 
‘‘(c) EXCEPTIONS
FOR CERTAIN DISTRIBUTIONS.— 
Subsection (a) shall not apply to— 
‘‘(1) any distribution that is— 
‘‘(A) a minimum required distribution de-
scribed in section 4974(b) of the Internal Rev-
enue Code of 1986; or 
‘‘(B) permitted under section 203(e)(1) to be 
made without the consent of the participant; 
‘‘(2) any distribution in the form of a qualified 
joint and survivor annuity (as defined in section 
205(d)(1)), a qualified optional survivor annuity (as 
defined in section 205(d)(2)), a qualified preretire-
ment survivor annuity (as defined in section 205(e)), 
or a series of substantially equal periodic payments 
(not less frequently than annually) made for the joint 
lives (or life expectancies) of the participant and the 
participant’s spouse; or 
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‘‘(3) in the case of a participant who does not 
elect a form of benefit described in paragraph (2) 
under the plan or who is participating in a plan that 
does not provide such a form of benefit, any distribu-
tion of the participant’s entire nonforfeitable accrued 
benefit if 50 percent of such accrued benefit is trans-
ferred to an individual retirement plan (as defined in 
section 7701(a)(37) of the Internal Revenue Code of 
1986) of the spouse of the participant. 
A transfer described in paragraph (3) to an individual re-
tirement plan shall be treated in the same manner as a 
transfer under section 408(d)(6) of the Internal Revenue 
Code of 1986. 
‘‘(d) EXCEPTIONS
FOR CERTAIN ROLLOVER CON-
TRIBUTIONS.— 
‘‘(1) IN
GENERAL.—Subsection (a) shall not 
apply to any distribution that is an eligible rollover 
distribution (as defined in section 402(f)(2)(A) of the 
Internal Revenue Code of 1986) made in the form of 
a direct trustee-to-trustee transfer within the meaning 
of section 401(a)(31) of the Internal Revenue Code of 
1986— 
‘‘(A) to a plan to which this section or sec-
tion 205 applies; or 
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‘‘(B) to an individual retirement plan (as 
defined in section 7701(a)(37) of the Internal 
Revenue Code of 1986) if— 
‘‘(i) the sole beneficiary of such plan is 
the spouse of the participant, or the spousal 
consent requirements of subsection (e) are 
met with respect to any designation of 1 or 
more other beneficiaries; and 
‘‘(ii) under the terms of the individual 
retirement plan, the beneficiary of such 
plan (whether the spouse or other bene-
ficiary designated under subparagraph (A)) 
may not be changed unless— 
‘‘(I) the spousal consent require-
ments of subsection (e) are met with 
respect to any such change; or 
‘‘(II) the spousal consent under 
clause (i) to the designation of a bene-
ficiary other than the spouse expressly 
permits such designation to be changed 
without the further consent of the 
spouse. 
‘‘(2) REGULATORY AUTHORITY.—The Secretary 
of the Treasury and the Secretary of Labor may 
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jointly issue regulations to implement subparagraphs 
(A) and (B) of paragraph (1). 
‘‘(e) SPOUSAL CONSENT REQUIREMENTS.— 
‘‘(1) IN GENERAL.—For purposes of this section, 
except as provided in paragraph (2), the spousal con-
sent requirements of this subsection are met with re-
spect to any distribution or any designation or 
change of beneficiary if— 
‘‘(A) the plan provides to each participant, 
within a reasonable period of time before such 
distribution or designation or change of bene-
ficiary is made and consistent with such regula-
tions as the Secretary of the Treasury may pre-
scribe, a written explanation of the rights of the 
participant and the participant’s spouse under 
this section; 
‘‘(B) the spouse of the participant consents 
in writing to the distribution or designation or 
change of beneficiary; 
‘‘(C) in the case of a distribution, the writ-
ten consent under subparagraph (B) is made 
during the consent period; and 
‘‘(D) the written consent under subpara-
graph (B)— 
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‘‘(i) acknowledges the effect of such dis-
tribution or designation or change of bene-
ficiary; and 
‘‘(ii) is witnessed by a plan representa-
tive or a notary public. 
‘‘(2) EXCEPTIONS.—The requirements of para-
graph (1) (other than subparagraph (A) thereof) shall 
not apply with respect to any distribution or designa-
tion or change of beneficiary if a participant estab-
lishes to the satisfaction of the administrator that— 
‘‘(A) there is no spouse; 
‘‘(B) the participant and the participant’s 
spouse have not been married for at least 1 year 
as of the date of the distribution or designation 
or change of beneficiary; or 
‘‘(C) such consent cannot be obtained be-
cause— 
‘‘(i) the spouse cannot be located after 
taking documented search efforts in accord-
ance with guidance from the Secretary of 
Labor; 
‘‘(ii) due to exceptional circumstances, 
requiring the participant to seek the 
spouse’s consent would be inappropriate; or 
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‘‘(iii) of such other circumstances as 
the Secretary of the Treasury, in consulta-
tion with the Secretary of Labor, may by 
regulations prescribe. 
The Secretary of Labor may issue regulations to im-
plement this paragraph. 
‘‘(3) 
CONSENT
LIMITED
TO
SPOUSE
AND 
EVENT.—Any written consent by a spouse under 
paragraph (1), or the establishment by a participant 
that an exception under paragraph (2) applies with 
respect to a spouse, shall be effective only with respect 
to that spouse and to the distribution or designation 
or change of beneficiary to which it relates. 
‘‘(4) CONSENT
PERIOD.—For purposes of this 
subsection, the term ‘consent period’ means, with re-
spect to any distribution— 
‘‘(A) the 90-day period immediately pre-
ceding the date of such distribution; or 
‘‘(B) such other period as the Secretary of 
the Treasury may provide. 
‘‘(f) DISCHARGE OF PLAN FROM LIABILITY.—Rules 
similar to the rules of section 205(c)(6) shall apply for pur-
poses of this section.’’. 
(2) CLERICAL AMENDMENT.—The table of sec-
tions of part 2 of subtitle B of title I of the Employee 
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