Women's Retirement Protection Act
Bill: S.2446 | Sponsor: Sen. Murray, Patty (D-WA)
Policy area: Labor and Employment

Summary:
Women's Retirement Protection Act
This bill modifies the requirements for employer-sponsored pension plans to (1) extend spousal consent requirements that currently apply to defined benefit pension plans to defined contribution pension plans; and (2) allow certain long-term, part-time workers to participate in pension plans that include either a qualified cash or deferred arrangement or a salary reduction agreement.
Financial product or service providers who sell retirement financial products or services must provide purchasers of their products or services an easily accessible link to the website of the Consumer Financial Protection Bureau to obtain information relating to retirement planning or later life economic security.
The Women's Bureau of the Department of Labor shall award grants to certain community-based organizations to (1) improve the financial literacy of women who are working age or in retirement, and (2) assist low-income women and survivors of domestic violence in obtaining qualified domestic relations orders and the benefits they are entitled to through the orders.

To amend the Employee Retirement Income Security Act of 1974 to provide 
 for greater spousal protection under defined contribution plans, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Women's Retirement Protection Act''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) Approximately 25 percent of non-retired adults have no 
        defined benefit plan or retirement savings, according to 2020 
        data from the Board of Governors of the Federal Reserve System.
            (2) In 2020, one-third of the private sector workforce did 
        not have access to a retirement plan at the workplace, and only 
        half of the workforce actually participated in a retirement 
        plan.
            (3) Women's retirement preparedness often lags 
        significantly behind their male counterparts, resulting in the 
        median income for women aged 65 and older in 2020 being just 83 
        percent of the median income of men aged 65 and older, 
        including income from Social Security, pension plans, 
        investments, and earnings.
            (4) Among people aged 75 and older, 13.2 percent of women 
        live in poverty, while 8.8 percent of men live in poverty.
            (5) Women make up two-thirds of low-wage workers, even 
        though they comprise less than half of all workers, and low-
        wage workers are less likely than other workers to participate 
        in a retirement plan at work.
            (6) Because of the pay gap, women working full-time, year-
        round typically lose $406,280 over a 40-year career thereby 
        requiring the average woman to work almost a decade longer than 
        her male counterpart to make up that career wage gap. For Black 
        and Latina women, the career wage gap is even larger at 
        $964,400 and $1,163,920, respectively.
            (7) Due to the lower lifetime wages stemming from unequal 
        pay and caregiving duties, the average Social Security benefit 
        in 2019 for a woman age 65 or older was $13,505 a year, while 
        for men such average benefit was $17,374 a year.
            (8) The COVID-19 pandemic has exacerbated the existing 
        gender gap in retirement savings as women have been more likely 
        to leave the workforce for caregiving. Women, especially women 
        of color, have also been more likely to lose their jobs during 
        the pandemic due to overrepresentation in industries severely 
        hit by the pandemic.
            (9) Just 1 in 5 part-time workers who work a full year are 
        eligible for a retirement plan, and women are almost twice as 
        likely as men to work part-time.
            (10) While traditional defined benefit retirement plans 
        have spousal protections, defined contribution retirement 
        plans, which have become increasingly common, currently provide 
        no similar spousal protections.
            (11) Every year, more than 1,200,000 couples get divorced 
        in the United States. After the family home, retirement savings 
        tends to be the largest asset to be divided in a divorce.
            (12) While fees and expenses associated with retirement 
        plans have been in decline, participants have seen direct 
        charges for processing qualified domestic relations orders 
        increase significantly.

SEC. 3. INCREASING SPOUSAL PROTECTION UNDER DEFINED CONTRIBUTION PLANS.

    (a) Amendment of Employee Retirement Income 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 REQUIREMENTS.

    ``(a) In General.--Each individual account plan to which section 
205 does not apply shall provide that, except as provided in 
subsections (c) and (d), no distribution may be made under the plan 
unless the spousal consent requirements of subsection (e) are met.
    ``(b) Coordination With Section 205.--Nothing in this section shall 
be construed to exempt an individual account plan from the requirements 
of paragraph (1)(B), (1)(C), or (2) of section 205(b) with respect to 
any participant.
    ``(c) Exceptions for Certain Distributions.--Subsection (a) shall 
not apply to--
            ``(1) any distribution that is--
                    ``(A) a minimum required distribution described in 
                section 4974(b) of the Internal Revenue 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 preretirement 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
            ``(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 distribution of the participant's entire 
        nonforfeitable accrued benefit if 50 percent of such accrued 
        benefit is transferred 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 retirement 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 Contributions.--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--
            ``(1) to a plan to which this section or section 205 
        applies; or
            ``(2) to an individual retirement plan (as defined in 
        section 7701(a)(37) of the Internal Revenue Code of 1986) if--
                    ``(A) the 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
                    ``(B) under the terms of the individual retirement 
                plan, the beneficiary of such plan (whether the spouse 
                or other beneficiary designated under paragraph (1)) 
                may not be changed unless--
                            ``(i) the spousal consent requirements of 
                        subsection (e) are met with respect to any such 
                        change, or
                            ``(ii) the spousal consent under 
                        subparagraph (A) to the designation of a 
                        beneficiary other than the spouse expressly 
                        permits such designation to be changed without 
                        the further consent of the spouse.
    ``(e) Spousal Consent Requirements.--
            ``(1) In general.--For purposes of this section, except as 
        provided in paragraph (2), the spousal consent requirements of 
        this subsection are met with respect 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 beneficiary is made and 
                consistent with such regulations as the Secretary of 
                the Treasury may prescribe, 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 written 
                consent under subparagraph (B) is made during the 
                consent period; and
                    ``(D) the written consent under subparagraph (B)--
                            ``(i) acknowledges the effect of such 
                        distribution or designation or change of 
                        beneficiary; and
                            ``(ii) is witnessed by a plan 
                        representative or a notary public.
            ``(2) Exceptions.--The requirements of paragraph (1) (other 
        than subparagraph (A) thereof) shall not apply with respect to 
        any distribution or designation or change of beneficiary if a 
        participant establishes to the satisfaction of the plan 
        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 because--
                            ``(i) the spouse cannot be located;
                            ``(ii) due to exceptional circumstances, 
                        requiring the participant to seek the spouse's 
                        consent would be inappropriate; or
                            ``(iii) of such other circumstances as the 
                        Secretary of the Treasury, in consultation with 
                        the Secretary of Labor, may by regulations 
                        prescribe.
            ``(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 respect to any distribution--
                    ``(A) the 90-day period immediately preceding 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 purposes of this section.''.
            (2) Clerical amendment.--The table of sections of part 2 of 
        subtitle B of title I of the Employee Retirement Income 
        Security Act of 1974 is amended by inserting after the item 
        relating to section 205 the following new item:

``Sec. 205A. Additional spousal consent requirements.''.
            (3) Right of action.--Section 502(a) of the Employee 
        Retirement Income Security Act of 1974 (29 U.S.C. 1132), is 
        amended--
                    (A) by striking ``or'' at the end of paragraph 
                (10);
                    (B) by striking the period at the end of paragraph 
                (11) and inserting ``; or''; and
                    (C) by adding at the end the following new 
                paragraph:
            ``(12) by an individual for appropriate relief in the case 
        of a violation of the individual's rights under section 
        205A.''.
            (4) Parallel amendment to section 205.--Section 
        205(c)(2)(B) of the Employee Retirement Income Security Act of 
        1974 (29 U.S.C. 1055(c)(2)(B)), is amended by inserting ``, 
        because due to exceptional circumstances, requiring the 
        participant to seek the spouse's consent would be 
        inappropriate'' after ``located''.
    (b) Conforming Amendment to Internal Revenue Code of 1986.--Section 
401(a) of the Internal Revenue Code of 1986 is amended by inserting 
after paragraph (17) the following new paragraph:
            ``(18) Additional spousal consent requirements.--
                    ``(A) In general.--In the case of a defined 
                contribution plan to which paragraph (11) does not 
                apply, except as provided in subsections (c) and (d), a 
                trust forming part of such plan shall not constitute a 
                qualified trust under this section unless no 
                distribution may be made under the plan unless the 
                spousal consent requirements of subparagraph (E) are 
                met.
                    ``(B) Coordination with paragraph (11).--Nothing in 
                this paragraph shall be construed to exempt a defined 
                contribution plan from the requirements of subparagraph 
                (B)(ii), (B)(iii), or (C) of paragraph (11) with 
                respect to any participant.
                    ``(C) Exceptions for certain distributions.--
                Subparagraph (A) shall not apply to--
                            ``(i) any distribution that is--
                                    ``(I) a minimum required 
                                distribution described in section 
                                4974(b), or
                                    ``(II) permitted under section 
                                411(a)(11) to be made without the 
                                consent of the participant,
                            ``(ii) any distribution in the form of a 
                        qualified joint and survivor annuity (as 
                        defined in section 417(b)), a qualified 
                        optional survivor annuity (as defined in 
                        section 417(g)), a qualified preretirement 
                        survivor annuity (as defined in section 
                        417(c)), 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
                            ``(iii) in the case of a participant who 
                        does not elect a form of benefit described in 
                        clause (ii) under the plan or who is 
                        participating in a plan that does not provide 
                        such a form of benefit, any distribution of the 
                        participant's entire nonforfeitable accrued 
                        benefit if 50 percent of such accrued benefit 
                        is transferred to an individual retirement plan 
                        of the spouse of the participant.
                A transfer described in clause (iii) to an individual 
                retirement plan shall be treated in the same manner as 
                a transfer under section 408(d)(6).
                    ``(D) Exceptions for certain rollover 
                contributions.--Subparagraph (A) shall not apply to any 
                distribution, involving a participant who has a spouse, 
                that is an eligible rollover distribution (as defined 
                in section 402(f)(2)(A)) made in the form of a direct 
                trustee-to-trustee transfer within the meaning of 
                paragraph (31)--
                            ``(i) to a plan to which this paragraph or 
                        paragraph (11) applies; or
                            ``(ii) to an individual retirement plan 
                        if--
                                    ``(I) the beneficiary of such plan 
                                is the spouse of the participant, or 
                                the spousal consent requirements of 
                                subparagraph (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 beneficiary designated 
                                under clause (i)) may not be changed 
                                unless--
                                            ``(aa) the spousal consent 
                                        requirements of subparagraph 
                                        (E) are met with respect to any 
                                        such change, or
                                            ``(bb) the spousal consent 
                                        under subclause (I) to the 
                                        designation of a beneficiary 
                                        other than the spouse expressly 
                                        permits such designation to be 
                                        changed without the further 
                                        consent of the spouse.
                    ``(E) Spousal consent requirements.--
                            ``(i) In general.--For purposes of this 
                        paragraph, except as provided in clause (ii), 
                        the spousal consent requirements of this 
                        subparagraph are met with respect to any 
                        distribution or any designation or change of 
                        beneficiary if--
                                    ``(I) the plan provides to each 
                                participant, within a reasonable period 
                                of time before such distribution or 
                                designation or change of beneficiary is 
                                made and consistent with such 
                                regulations as the Secretary may 
                                prescribe, a written explanation of the 
                                rights of the participant and the 
                                participant's spouse under this 
                                paragraph,
                                    ``(II) the spouse of the 
                                participant consents in writing to the 
                                distribution or designation or change 
                                of beneficiary,
                                    ``(III) in the case of a 
                                distribution, the written consent under 
                                subclause (II) is made during the 
                                consent period, and
                                    ``(IV) the written consent under 
                                subclause (ii)--
                                            ``(aa) acknowledges the 
                                        effect of such distribution or 
                                        designation or change of 
                                        beneficiary, and
                                            ``(bb) is witnessed by a 
                                        plan representative or a notary 
                                        public.
                            ``(ii) Exceptions under section 
                        417(a)(2)(b) to apply.--The requirements of 
                        clause (i) (other than subclause (I) thereof) 
                        shall not apply with respect to any 
                        distribution or designation or change of 
                        beneficiary if a participant establishes to the 
                        satisfaction of the plan administrator that--
                                    ``(I) there is no spouse,
                                    ``(II) 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
                                    ``(III) such consent cannot be 
                                obtained because--
                                            ``(aa) the spouse cannot be 
                                        located, or
                                            ``(bb) of such other 
                                        circumstances as the Secretary, 
                                        in consultation with the 
                                        Secretary of Labor, may by 
                                        regulations prescribe.
                            ``(iii) Consent limited to spouse and 
                        event.--Any written consent by a spouse under 
                        clause (i), or the establishment by a 
                        participant that an exception under clause (ii) 
                        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.
                            ``(iv) Consent period.--For purposes of 
                        this subparagraph, the term `consent period' 
                        means, with respect to any distribution--
                                    ``(I) the 90-day period immediately 
                                preceding the date of such 
                                distribution, or
                                    ``(II) such other period as the 
                                Secretary may provide.''.

SEC. 4. IMPROVING COVERAGE FOR PART-TIME WORKERS.

    (a) Amendment of Employee Retirement Income Security Act of 1974.--
            (1) In general.--Section 202 of the Employee Retirement 
        Income Security Act of 1974 (29 U.S.C. 1052) is amended by 
        adding at the end the following new subsection:
    ``(c) Special Rule for Certain Part-Time Employees.--
            ``(1) In general.--A pension plan that includes either a 
        qualified cash or deferred arrangement (as defined in section 
        401(k) of the Internal Revenue Code of 1986) or a salary 
        reduction agreement (as described in section 403(b) of such 
        Code) shall not require, as a condition of participation in the 
        arrangement or agreement, that an employee complete a period of 
        service with the employer (or employers) maintaining the plan 
        extending beyond the close of the earlier of--
                    ``(A) the period permitted under subsection (a)(1) 
                (determined without regard to subparagraph (B)(i) 
                thereof); or
                    ``(B) the first 24-month period--
                            ``(i) consisting of 2 consecutive 12-month 
                        periods during each of which the employee has 
                        at least 500 hours of service; and
                            ``(ii) by the close of which the employee 
                        has attained the age of 21.
            ``(2) Exception.--Paragraph (1)(B) shall not apply to 
        employees who are included in a unit of employees covered by an 
        agreement which the Secretary finds to be a collective 
        bargaining agreement between employee representatives and 1 or 
        more employers, if there is evidence that retirement benefits 
        were the subject of good faith bargaining between such employee 
        representatives and such employer or employers.
            ``(3) Coordination with other rules.--
                    ``(A) In general.--In the case of employees who are 
                eligible to participate in the arrangement or agreement 
                solely by reason of paragraph (1)(B):
                            ``(i) Exclusions.--An employer may elect to 
                        exclude such employees from the application of 
                        subsections (a)(4), (k)(3), (k)(12), (k)(13), 
                        (k)(15)(B)(iv), (k)(15)(B)(i)(I), and (m)(2) of 
                        section 401 of such Code and section 410(b) of 
                        such Code.
                            ``(ii) Time of participation.--The rules of 
                        subsection (a)(4) shall apply to such 
                        employees.
                    ``(B) Top-heavy rules.--An employer may elect to 
                exclude all employees who are eligible to participate 
                in a plan maintained by the employer solely by reason 
                of paragraph (1)(B) from the application of the vesting 
                and benefit requirements under subsections (b) and (c) 
                of section 416 of such Code.
            ``(4) 12-month period.--For purposes of this subsection, 
        12-month periods shall be determined in the same manner as 
        under the last sentence of subsection (a)(3)(A), except that 
        12-month periods beginning before January 1, 2021, shall not be 
        taken into account.''.
            (2) Vesting.--Section 203(b) of the Employee Retirement 
        Income Security Act of 1974 (29 U.S.C. 1053(a)) is amended by 
        redesignating paragraph (4) as paragraph (5) and by inserting 
        after paragraph (3) the following new paragraph:
    ``(4) Part-time Employees.--For purposes of determining whether an 
employee who is eligible to participate in a qualified cash or deferred 
arrangement or a salary reduction agreement under a plan solely by 
reason of section 202(c)(1)(B) has a nonforfeitable right to employer 
contributions--
            ``(A) except as provided in subparagraph (B), each 12-month 
        period for which the employee has at least 500 hours of service 
        shall be treated as a year of service;
            ``(B) paragraph (3) shall be applied by substituting `at 
        least 500 hours of service' for `more than 500 hours of 
        service' in subparagraph (A) thereof; and
            ``(C) 12-month periods occurring before the 24-month period 
        described in section 202(c)(1)(B) shall not be treated as years 
        of service.
For purposes of this paragraph, 12-month periods shall be determined in 
the same manner as under the last sentence of section 202(a)(3)(A), 
except that 12-month periods beginning before January 1, 2021, shall 
not be taken into account.''.
            (3) Penalty.--Section 502 of the Employee Retirement Income 
        Security Act of 1974 (29 U.S.C. 1132), is amended by adding at 
        the end the following new subsection:
    ``(n) Requirements Relating to Part-Time Employees.--In the case of 
a plan that fails to permit participation as required by section 
202(c), the Secretary may assess a civil penalty against the plan 
sponsor in an amount equal to $10,000 per year per employee to whom 
such failure relates. The Secretary may, in the Secretary's sole 
discretion, waive or reduce the penalty under this subsection if the 
Secretary determines that the plan sponsor acted reasonably and in good 
faith.''.
    (b) Conforming Amendments to Internal Revenue Code of 1986.--
            (1) In general.--Section 410(a) of the Internal Revenue 
        Code of 1986 is amended by adding at the end the following new 
        paragraphs:
            ``(6) Special rule for certain part-time employees.--
                    ``(A) In general.--In the case of a plan that 
                includes either a qualified cash or deferred 
                arrangement (as defined in section 401(k)) or a salary 
                reduction agreement (as described in section 403(b)), a 
                trust of which such plan is a part shall not constitute 
                a qualified trust under section 401(a) if the plan 
                requires, as a condition of participation in the plan 
                or arrangement, that an employee complete a period of 
                service with the employer (or employers) maintaining 
                the plan extending beyond the close of the earlier of--
                            ``(i) the period permitted under paragraph 
                        (1) (determined without regard to subparagraph 
                        (B)(i) thereof), or
                            ``(ii) the first 24-month period--
                                    ``(I) consisting of 2 consecutive 
                                12-month periods during each of which 
                                the employee has at least 500 hours of 
                                service, and
                                    ``(II) by the close of which the 
                                employee has attained the age of 21.
                    ``(B) Exception.--Subparagraph (A)(ii) shall not 
                apply to employees who are included in a unit of 
                employees covered by an agreement which the Secretary 
                of Labor finds to be a collective bargaining agreement 
                between employee representatives and 1 or more 
                employers, if there is evidence that retirement 
                benefits were the subject of good faith bargaining 
                between such employee representatives and such employer 
                or employers.
                    ``(C) Coordination with other rules.--
                            ``(i) In general.--In the case of employees 
                        who are eligible to participate in the 
                        arrangement or agreement solely by reason of 
                        subparagraph (A)(ii)--
                                    ``(I) Exclusions.--An employer may 
                                elect to exclude such employees from 
                                the application of subsection (b) and 
                                of subsections (a)(4), (k)(3), (k)(12), 
                                (k)(13), (k)(15)(B)(iv), 
                                (k)(15)(B)(i)(I), and (m)(2) of section 
                                401.
                                    ``(II) Time of participation.--The 
                                rules of paragraph (4) shall apply to 
                                such employees.
                            ``(ii) Top-heavy rules.--An employer may 
                        elect to exclude all employees who are eligible 
                        to participate in a plan maintained by the 
                        employer solely by reason of subparagraph 
                        (A)(ii) from the application of the vesting and 
                        benefit requirements under subsections (b) and 
                        (c) of section 416.
                    ``(D) 12-month period.--For purposes of this 
                paragraph, 12-month periods shall be determined in the 
                same manner as under the last sentence of paragraph 
                (3)(A), except that 12-month periods beginning before 
                January 1, 2021, shall not be taken into account.
            ``(7) Part-time employees.--For purposes of determining 
        whether an employee who is eligible to participate in a 
        qualified cash or deferred arrangement or a salary reduction 
        agreement under a plan solely by reason of paragraph (6)(A)(ii) 
        has a nonforfeitable right to employer contributions--
                    ``(A) except as provided in subparagraph (B), each 
                12-month period for which the employee has at least 500 
                hours of service shall be treated as a year of service,
                    ``(B) section 411(a)(6) shall be applied by 
                substituting `at least 500 hours of service' for `more 
                than 500 hours of service' in subparagraph (A) thereof, 
                and
                    ``(C) 12-month periods occurring before the 24-
                month period described in paragraph (6)(A)(ii) shall 
                not be treated as years of service.
        For purposes of this paragraph, 12-month periods shall be 
        determined in the same manner as under paragraph (6)(D).''.

SEC. 5. EFFECTIVE DATES.

    (a) Increasing Spousal Protection Under Defined Contribution 
Plans.--Except as provided in subsections (c) and (d), the amendments 
made by section 3 shall apply to distributions and rollover 
contributions made in plan years beginning after the date that is 1 
year after the date of the enactment of this Act.
    (b) Ensuring Coverage for Long-Term Part-Time Workers.--Except as 
provided in subsections (c) and (d), the amendments made by section 4 
shall apply to plan years beginning after December 31, 2021.
    (c) Collective Bargaining Agreements.--In the case of a plan 
maintained pursuant to one or more collective bargaining agreements 
between employee representatives and one or more employers ratified 
before the date of the enactment of this Act, the amendments made by 
sections 3 and 4 shall not apply to distributions or rollover 
contributions on behalf of employees covered by any such agreement for 
plan years beginning before the earlier of--
            (1) the later of--
                    (A) the date on which the last of such collective 
                bargaining agreements terminates (determined without 
                regard to any extension thereof on or after such date 
                of the enactment); or
                    (B) the day after the date specified in subsection 
                (a) or (b), whichever is applicable; or
            (2) the date that is 3 years after the applicable day 
        described in paragraph (1)(B).
    (d) Provisions Relating to Plan Amendments.--
            (1) In general.--If this paragraph applies to any plan or 
        contract amendment, such plan or contract shall be treated as 
        being operated in accordance with the terms of the plan during 
        the period described in paragraph (2)(C).
            (2) Amendments to which paragraph (1) applies.--
                    (A) In general.--Paragraph (1) shall apply to any 
                amendment to any plan or annuity contract which is 
                made--
                            (i) pursuant to the amendments made by 
                        section 3 or 4 or pursuant to any regulation 
                        issued under either such section; and
                            (ii) on or before the last day of the first 
                        plan year beginning on or after the date that 
                        is 3 years after the applicable day described 
                        in subsection (c)(1)(B).
                In the case of a governmental plan (as defined in 
                section 414(d) of the Internal Revenue Code of 1986), 
                this subparagraph shall be applied by substituting ``5 
                years'' for ``3 years'' in clause (ii).
                    (B) Conditions.--Subparagraph (A) shall not apply 
                to any amendment unless--
                            (i) the plan or contract is operated as if 
                        such plan or contract amendment were in effect 
                        for the period described in subparagraph (C); 
                        and
                            (ii) such plan or contract amendment 
                        applies retroactively for such period.
                    (C) Period described.--The period described in this 
                subparagraph is the period--
                            (i) beginning on the effective date 
                        specified by the plan; and
                            (ii) ending on the date described in 
                        subparagraph (A)(ii) (or, if earlier, the date 
                        the plan or contract amendment is adopted).

SEC. 6. ACCESS TO INDEPENDENT CONSUMER INFORMATION AND UNDERSTANDING.

    (a) Definitions.--In this section--
            (1) the term ``consumer'' means any person who purchases or 
        acquires any goods, products, services, or credit related to 
        the retirement or later life economic security of the consumer; 
        and
            (2) the term ``financial product or service provider'' 
        means any person who engages in the business of providing any 
        retirement financial product or service to any consumer.
    (b) Required Link to Consumer Awareness Information.--In any offer 
for the sale, exchange, or other transfer of a retirement financial 
product or service to a consumer carried out by a financial product or 
service provider, such provider shall provide, in a manner consistent 
with subsection (c), an easily accessible link to the website of the 
Bureau of Consumer Financial Protection (referred to in this section as 
the ``CFPB'') at which the consumer may access information, literature, 
guides, programs, tools, strategies, or any other resource produced by 
the CFPB or other Federal agency relating to retirement planning or 
later life economic security.
    (c) Determination.--In order to ensure that the requirement under 
subsection (b) is effectively carried out, the Financial Literacy and 
Education Commission shall determine and publish on its website the 
appropriate link to the CFPB's website for access to the CFPB's and 
other Federal agencies' consumer education materials, the preferred 
format of such link, and any accompanying description of the CFPB and 
the consumer education materials associated with such link.

SEC. 7. GRANTS TO PROMOTE FINANCIAL LITERACY FOR WOMEN.

    (a) Authorization of Grant Awards.--The Secretary of Labor, acting 
through the Director of the Women's Bureau, shall award grants on a 
competitive basis to eligible entities to enable such entities to 
improve the financial literacy of women who are working age or in 
retirement, to increase the likelihood of the women realizing a secure 
and stable retirement.
    (b) Definition of Eligible Entity.--In this section, the term 
``eligible entity'' means a community-based organization with proven 
experience and expertise in serving working-age or retired women.
    (c) Application.--An eligible entity that desires to receive a 
grant under this section shall submit an application to the Secretary 
of Labor at such time, in such manner, and accompanied by such 
information as such Secretary may require.
    (d) Minimum Grant Amount.--The Secretary of Labor shall award 
grants under this section in amounts of not less than $250,000.
    (e) Use of Funds.--An eligible entity that receives a grant under 
this section shall use the grant funds to develop and implement 
financial literacy education, and related activities including 
outreach, awareness building, and counseling to increase women's 
knowledge of retirement planning and consumer, economic, and personal 
financial concepts.
    (f) Authorization of Appropriations.--There is authorized to be 
appropriated to carry out this section $100,000,000 for fiscal year 
2022 and each succeeding fiscal year.

SEC. 8. GRANTS TO ASSIST LOW-INCOME WOMEN AND SURVIVORS OF DOMESTIC 
              VIOLENCE IN OBTAINING QUALIFIED DOMESTIC RELATIONS 
              ORDERS.

    (a) Authorization of Grant Awards.--The Secretary of Labor, acting 
through the Director of the Women's Bureau and in conjunction with the 
Assistant Secretary of the Employee Benefits Security Administration, 
shall award grants, on a competitive basis, to eligible entities to 
enable such entities to assist low-income women and survivors of 
domestic violence in obtaining qualified domestic relations orders (as 
defined in section 206(d)(3)(B)(i) of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1056(d)(3)(B)(i))), and ensuring that 
those women actually obtain the benefits to which they are entitled 
through those orders.
    (b) Definition of Eligible Entity.--In this section, the term 
``eligible entity'' means a community-based organization with proven 
experience and expertise in serving women and the financial and 
retirement needs of women.
    (c) Application.--An eligible entity that desires to receive a 
grant under this section shall submit an application to the Secretary 
of Labor at such time, in such manner, and accompanied by such 
information as the Secretary of Labor may require.
    (d) Minimum Grant Amount.--The Secretary of Labor shall award 
grants under this section in amounts of not less than $250,000.
    (e) Use of Funds.--An eligible entity that receives a grant under 
this section shall use the grant funds to develop programs to offer 
help to low-income women or survivors of domestic violence who need 
assistance in preparing, obtaining, and effectuating a qualified 
domestic relations order.
    (f) Authorization of Appropriations.--There is authorized to be 
appropriated to carry out this section $100,000,000 for fiscal year 
2022 and each succeeding fiscal year.
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