Sen. Patty Murray, D-Wash., chair of the Senate Health, Education, Labor, and Pensions Committee, and Sen. Richard Burr, R-N.C., the committee's ranking member, have sent a letter to the Government Accountability Office asking the agency to examine the need for stronger spousal protections in defined-contribution retirement plans.
“Unlike traditional defined benefit retirement plans and the Federal government’s Thrift Savings Plan that have spousal protections, private employer-sponsored defined contribution retirement plans — which have become the most common retirement savings vehicle — currently provide no similar safeguards, the senators wrote. “Under current law, one spouse could take a withdrawal from their account without the other spouse’s knowledge or consent. This could have a devastating effect on the unknowing spouse and family members, especially if they are less familiar with the household’s finances.”
The senators’ letter to GAO comes ahead of a HELP Committee hearing next week that will take a broader look at how to strengthen retirement and enhance savings for Americans.
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