| 1 | 1 | | II |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION S. 988 |
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| 5 | 5 | | To amend the Employee Retirement Income Security Act of 1974 to provide |
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| 6 | 6 | | for greater spousal protection under defined contribution plans, and |
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| 7 | 7 | | for other purposes. |
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| 8 | 8 | | IN THE SENATE OF THE UNITED STATES |
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| 9 | 9 | | MARCH12, 2025 |
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| 10 | 10 | | Ms. B |
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| 11 | 11 | | ALDWIN(for herself, Mrs. MURRAY, Ms. CANTWELL, Mr. BLUMENTHAL, |
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| 12 | 12 | | Ms. H |
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| 13 | 13 | | IRONO, Ms. KLOBUCHAR, Mr. SANDERS, Mr. WYDEN, Mr. VAN |
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| 14 | 14 | | H |
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| 15 | 15 | | OLLEN, Mr. KAINE, Ms. WARREN, and Mr. MERKLEY) introduced the |
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| 16 | 16 | | following bill; which was read twice and referred to the Committee on |
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| 17 | 17 | | Health, Education, Labor, and Pensions |
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| 18 | 18 | | A BILL |
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| 19 | 19 | | To amend the Employee Retirement Income Security Act |
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| 20 | 20 | | of 1974 to provide for greater spousal protection under |
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| 21 | 21 | | defined contribution plans, and for other purposes. |
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| 22 | 22 | | Be it enacted by the Senate and House of Representa-1 |
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| 23 | 23 | | tives of the United States of America in Congress assembled, 2 |
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| 24 | 24 | | SECTION 1. SHORT TITLE. 3 |
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| 25 | 25 | | This Act may be cited as the ‘‘Women’s Retirement 4 |
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| 26 | 26 | | Protection Act’’. 5 |
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| 27 | 27 | | SEC. 2. FINDINGS. 6 |
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| 28 | 28 | | Congress finds the following: 7 |
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| 30 | 30 | | ssavage on LAPJG3WLY3PROD with BILLS 2 |
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| 31 | 31 | | •S 988 IS |
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| 32 | 32 | | (1) Approximately 28 percent of non-retired 1 |
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| 33 | 33 | | adults have no defined benefit plan or retirement 2 |
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| 34 | 34 | | savings, according to 2023 data from the Board of 3 |
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| 35 | 35 | | Governors of the Federal Reserve System. 4 |
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| 36 | 36 | | (2) In 2023, approximately |
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| 37 | 37 | | 1 |
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| 38 | 38 | | ⁄3of the private 5 |
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| 39 | 39 | | sector workforce did not have access to a retirement 6 |
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| 40 | 40 | | plan at the workplace, and only half of the workforce 7 |
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| 41 | 41 | | actually participated in a retirement plan. 8 |
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| 42 | 42 | | (3) Women’s retirement preparedness often lags 9 |
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| 43 | 43 | | significantly behind their male counterparts’, result-10 |
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| 44 | 44 | | ing in the median income for women aged 65 and 11 |
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| 45 | 45 | | older in 2022 being just 83 percent of the median 12 |
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| 46 | 46 | | income of men aged 65 and older, including income 13 |
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| 47 | 47 | | from social security, pension plans, investments, and 14 |
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| 48 | 48 | | earnings. 15 |
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| 49 | 49 | | (4) Women aged 80 and older had the highest 16 |
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| 50 | 50 | | poverty rate among older persons in all age groups, 17 |
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| 51 | 51 | | with 14.7 percent of women aged 80 and older living 18 |
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| 52 | 52 | | in poverty while 10.3 percent of men in the same 19 |
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| 53 | 53 | | age group live in poverty. 20 |
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| 54 | 54 | | (5) Women make up two-thirds of low-wage 21 |
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| 55 | 55 | | workers, even though they comprise less than half of 22 |
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| 56 | 56 | | all workers, and low-wage workers are less likely 23 |
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| 57 | 57 | | than other workers to participate in a retirement 24 |
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| 58 | 58 | | plan at work. 25 |
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| 60 | 60 | | ssavage on LAPJG3WLY3PROD with BILLS 3 |
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| 61 | 61 | | •S 988 IS |
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| 62 | 62 | | (6) Because of the pay gap, women working 1 |
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| 63 | 63 | | full-time, year-round typically lose $398,160 over a 2 |
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| 64 | 64 | | 40-year career thereby requiring the average woman 3 |
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| 65 | 65 | | to work almost a decade longer than her male coun-4 |
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| 66 | 66 | | terpart to make up that career wage gap. 5 |
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| 67 | 67 | | (7) Due to the lower lifetime wages stemming 6 |
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| 68 | 68 | | from unequal pay and caregiving duties, the average 7 |
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| 69 | 69 | | Social Security benefit in 2023 for a woman was 8 |
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| 70 | 70 | | $1,638 a month, while for men such average month-9 |
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| 71 | 71 | | ly benefit was $2,020. 10 |
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| 72 | 72 | | (8) While the SECURE 2.0 Act of 2022 (Pub-11 |
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| 73 | 73 | | lic Law 117–328) goes a long way to address this 12 |
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| 74 | 74 | | coverage gap, just 1 in 5 part-time workers who 13 |
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| 75 | 75 | | work a full year are eligible for a retirement plan, 14 |
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| 76 | 76 | | and women are almost twice as likely to work part- 15 |
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| 77 | 77 | | time as men. 16 |
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| 78 | 78 | | (9) While traditional defined benefit retirement 17 |
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| 79 | 79 | | plans have spousal protections, defined contribution 18 |
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| 80 | 80 | | retirement plans, which have become increasingly 19 |
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| 81 | 81 | | common, currently provide no similar spousal protec-20 |
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| 82 | 82 | | tions. 21 |
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| 83 | 83 | | (10) The Thrift Savings Plan of the Federal 22 |
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| 84 | 84 | | Government, the largest defined contribution plan in 23 |
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| 85 | 85 | | the world with approximately 6,500,000 partici-24 |
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| 87 | 87 | | ssavage on LAPJG3WLY3PROD with BILLS 4 |
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| 88 | 88 | | •S 988 IS |
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| 89 | 89 | | pants, requires its married participants to have their 1 |
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| 90 | 90 | | spouses’ consent for withdrawals and loans. 2 |
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| 91 | 91 | | (11) There were almost 990,000 divorces in the 3 |
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| 92 | 92 | | United States between 2020 and 2021. After the 4 |
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| 93 | 93 | | family home, retirement savings tends to be the larg-5 |
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| 94 | 94 | | est asset to be divided in a divorce. 6 |
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| 95 | 95 | | (12) While fees and expenses associated with 7 |
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| 96 | 96 | | retirement plans have been in decline, participants 8 |
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| 97 | 97 | | have seen direct charges for processing qualified do-9 |
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| 98 | 98 | | mestic relations orders increase significantly. 10 |
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| 99 | 99 | | SEC. 3. INCREASING SPOUSAL PROTECTION UNDER DE-11 |
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| 100 | 100 | | FINED CONTRIBUTION PLANS. 12 |
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| 101 | 101 | | (a) A |
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| 102 | 102 | | MENDMENT OF EMPLOYEERETIREMENTIN-13 |
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| 103 | 103 | | COMESECURITYACT OF1974.— 14 |
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| 104 | 104 | | (1) I |
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| 105 | 105 | | N GENERAL.—Part 2 of subtitle B of title 15 |
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| 106 | 106 | | I of the Employee Retirement Income Security Act 16 |
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| 107 | 107 | | of 1974 (29 U.S.C. 1051 et seq.) is amended by in-17 |
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| 108 | 108 | | serting after section 205 the following new section: 18 |
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| 109 | 109 | | ‘‘SEC. 205A. ADDITIONAL SPOUSAL CONSENT REQUIRE-19 |
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| 110 | 110 | | MENTS. 20 |
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| 111 | 111 | | ‘‘(a) I |
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| 112 | 112 | | NGENERAL.—Each individual account plan to 21 |
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| 113 | 113 | | which section 205 does not apply shall provide that, except 22 |
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| 114 | 114 | | as provided in subsections (c) and (d), no distribution may 23 |
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| 115 | 115 | | be made under the plan unless the spousal consent re-24 |
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| 116 | 116 | | quirements of subsection (e) are met. 25 |
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| 119 | 119 | | •S 988 IS |
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| 120 | 120 | | ‘‘(b) COORDINATIONWITHSECTION205.—Nothing 1 |
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| 121 | 121 | | in this section shall be construed to exempt an individual 2 |
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| 122 | 122 | | account plan from the requirements of section 205 with 3 |
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| 123 | 123 | | respect to any participant. 4 |
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| 124 | 124 | | ‘‘(c) E |
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| 125 | 125 | | XCEPTIONS FOR CERTAINDISTRIBUTIONS.— 5 |
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| 126 | 126 | | Subsection (a) shall not apply to— 6 |
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| 127 | 127 | | ‘‘(1) any distribution that is— 7 |
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| 128 | 128 | | ‘‘(A) a minimum required distribution de-8 |
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| 129 | 129 | | scribed in section 4974(b) of the Internal Rev-9 |
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| 130 | 130 | | enue Code of 1986; 10 |
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| 131 | 131 | | ‘‘(B) permitted under section 203(e)(1) to 11 |
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| 132 | 132 | | be made without the consent of the participant; 12 |
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| 133 | 133 | | or 13 |
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| 134 | 134 | | ‘‘(C) in an amount that is less than 25 14 |
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| 135 | 135 | | percent of the account balance, but not more 15 |
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| 136 | 136 | | than once per account; 16 |
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| 137 | 137 | | ‘‘(2) any distribution in the form of a qualified 17 |
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| 138 | 138 | | joint and survivor annuity (as defined in section 18 |
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| 139 | 139 | | 205(d)(1)), a qualified optional survivor annuity (as 19 |
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| 140 | 140 | | defined in section 205(d)(2)), a qualified preretire-20 |
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| 141 | 141 | | ment survivor annuity (as defined in section 205(e)), 21 |
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| 142 | 142 | | or a series of substantially equal periodic payments 22 |
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| 143 | 143 | | (not less frequently than annually) made for the 23 |
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| 144 | 144 | | joint lives (or life expectancies) of the participant 24 |
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| 145 | 145 | | and the participant’s spouse; or 25 |
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| 147 | 147 | | ssavage on LAPJG3WLY3PROD with BILLS 6 |
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| 148 | 148 | | •S 988 IS |
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| 149 | 149 | | ‘‘(3) in the case of a participant who does not 1 |
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| 150 | 150 | | elect a form of benefit described in paragraph (2) 2 |
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| 151 | 151 | | under the plan or who is participating in a plan that 3 |
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| 152 | 152 | | does not provide such a form of benefit, any dis-4 |
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| 153 | 153 | | tribution of the participant’s entire nonforfeitable 5 |
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| 154 | 154 | | accrued benefit if 50 percent of such accrued benefit 6 |
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| 155 | 155 | | is transferred to an individual retirement plan (as 7 |
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| 156 | 156 | | defined in section 7701(a)(37) of the Internal Rev-8 |
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| 157 | 157 | | enue Code of 1986) of the spouse of the participant. 9 |
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| 158 | 158 | | A transfer described in paragraph (3) to an individual re-10 |
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| 159 | 159 | | tirement plan shall be treated in the same manner as a 11 |
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| 160 | 160 | | transfer under section 408(d)(6) of the Internal Revenue 12 |
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| 161 | 161 | | Code of 1986. 13 |
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| 162 | 162 | | ‘‘(d) E |
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| 163 | 163 | | XCEPTIONS FOR CERTAINROLLOVERCON-14 |
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| 164 | 164 | | TRIBUTIONS.—Subsection (a) shall not apply to any dis-15 |
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| 165 | 165 | | tribution, involving a participant who has a spouse, that 16 |
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| 166 | 166 | | is an eligible rollover distribution (as defined in section 17 |
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| 167 | 167 | | 402(f)(2)(A) of the Internal Revenue Code of 1986) made 18 |
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| 168 | 168 | | in the form of a direct trustee-to-trustee transfer within 19 |
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| 169 | 169 | | the meaning of section 401(a)(31) of the Internal Revenue 20 |
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| 170 | 170 | | Code of 1986— 21 |
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| 171 | 171 | | ‘‘(1) to a plan to which this section or section 22 |
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| 172 | 172 | | 205 applies; or 23 |
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| 174 | 174 | | ssavage on LAPJG3WLY3PROD with BILLS 7 |
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| 175 | 175 | | •S 988 IS |
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| 176 | 176 | | ‘‘(2) to an individual retirement plan (as de-1 |
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| 177 | 177 | | fined in section 7701(a)(37) of the Internal Revenue 2 |
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| 178 | 178 | | Code of 1986) if— 3 |
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| 179 | 179 | | ‘‘(A) the beneficiary of such plan is the 4 |
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| 180 | 180 | | spouse of the participant, or the spousal con-5 |
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| 181 | 181 | | sent requirements of subsection (e) are met 6 |
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| 182 | 182 | | with respect to any designation of 1 or more 7 |
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| 183 | 183 | | other beneficiaries; and 8 |
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| 184 | 184 | | ‘‘(B) under the terms of the individual re-9 |
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| 185 | 185 | | tirement plan, the beneficiary of such plan 10 |
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| 186 | 186 | | (whether the spouse or other beneficiary des-11 |
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| 187 | 187 | | ignated under paragraph (1)) may not be 12 |
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| 188 | 188 | | changed unless— 13 |
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| 189 | 189 | | ‘‘(i) the spousal consent requirements 14 |
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| 190 | 190 | | of subsection (e) are met with respect to 15 |
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| 191 | 191 | | any such change, or 16 |
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| 192 | 192 | | ‘‘(ii) the spousal consent under sub-17 |
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| 193 | 193 | | paragraph (A) to the designation of a ben-18 |
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| 194 | 194 | | eficiary other than the spouse expressly 19 |
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| 195 | 195 | | permits such designation to be changed 20 |
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| 196 | 196 | | without the further consent of the spouse. 21 |
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| 197 | 197 | | ‘‘(e) S |
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| 198 | 198 | | POUSALCONSENTREQUIREMENTS.— 22 |
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| 199 | 199 | | ‘‘(1) I |
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| 200 | 200 | | N GENERAL.—For purposes of this sec-23 |
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| 201 | 201 | | tion, except as provided in paragraph (2), the spous-24 |
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| 202 | 202 | | al consent requirements of this subsection are met 25 |
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| 204 | 204 | | ssavage on LAPJG3WLY3PROD with BILLS 8 |
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| 205 | 205 | | •S 988 IS |
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| 206 | 206 | | with respect to any distribution or any designation 1 |
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| 207 | 207 | | or change of beneficiary if— 2 |
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| 208 | 208 | | ‘‘(A) the plan provides to each participant, 3 |
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| 209 | 209 | | within a reasonable period of time before such 4 |
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| 210 | 210 | | distribution or designation or change of bene-5 |
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| 211 | 211 | | ficiary is made and consistent with such regula-6 |
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| 212 | 212 | | tions as the Secretary of the Treasury may pre-7 |
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| 213 | 213 | | scribe, a written explanation of the rights of the 8 |
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| 214 | 214 | | participant and the participant’s spouse under 9 |
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| 215 | 215 | | this section; 10 |
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| 216 | 216 | | ‘‘(B) the spouse of the participant consents 11 |
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| 217 | 217 | | in writing to the distribution or designation or 12 |
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| 218 | 218 | | change of beneficiary; 13 |
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| 219 | 219 | | ‘‘(C) in the case of a distribution, the writ-14 |
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| 220 | 220 | | ten consent under subparagraph (B) is made 15 |
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| 221 | 221 | | during the consent period; and 16 |
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| 222 | 222 | | ‘‘(D) the written consent under subpara-17 |
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| 223 | 223 | | graph (B)— 18 |
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| 224 | 224 | | ‘‘(i) acknowledges the effect of such 19 |
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| 225 | 225 | | distribution or designation or change of 20 |
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| 226 | 226 | | beneficiary; and 21 |
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| 227 | 227 | | ‘‘(ii) is witnessed by a plan represent-22 |
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| 228 | 228 | | ative or a notary public. 23 |
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| 229 | 229 | | ‘‘(2) E |
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| 230 | 230 | | XCEPTIONS UNDER SECTION 205 TO 24 |
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| 231 | 231 | | APPLY.—The requirements of paragraph (1) (other 25 |
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| 233 | 233 | | ssavage on LAPJG3WLY3PROD with BILLS 9 |
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| 234 | 234 | | •S 988 IS |
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| 235 | 235 | | than subparagraph (A) thereof) shall not apply with 1 |
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| 236 | 236 | | respect to any distribution or designation or change 2 |
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| 237 | 237 | | of beneficiary if a participant establishes to the sat-3 |
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| 238 | 238 | | isfaction of the plan administrator that— 4 |
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| 239 | 239 | | ‘‘(A) there is no spouse; 5 |
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| 240 | 240 | | ‘‘(B) the participant and the participant’s 6 |
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| 241 | 241 | | spouse have not been married for at least 1 7 |
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| 242 | 242 | | year as of the date of the distribution or des-8 |
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| 243 | 243 | | ignation or change of beneficiary; or 9 |
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| 244 | 244 | | ‘‘(C) such consent cannot be obtained be-10 |
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| 245 | 245 | | cause— 11 |
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| 246 | 246 | | ‘‘(i) the spouse cannot be located; or 12 |
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| 247 | 247 | | ‘‘(ii) of such other circumstances as 13 |
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| 248 | 248 | | the Secretary of the Treasury, in consulta-14 |
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| 249 | 249 | | tion with the Secretary of Labor, may by 15 |
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| 250 | 250 | | regulations prescribe. 16 |
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| 251 | 251 | | ‘‘(3) C |
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| 252 | 252 | | ONSENT LIMITED TO SPOUSE AND 17 |
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| 253 | 253 | | EVENT.—Any written consent by a spouse under 18 |
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| 254 | 254 | | paragraph (1), or the establishment by a participant 19 |
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| 255 | 255 | | that an exception under paragraph (2) (other than 20 |
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| 256 | 256 | | subparagraph (A) thereof) applies with respect to a 21 |
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| 257 | 257 | | spouse, shall be effective only with respect to that 22 |
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| 258 | 258 | | spouse and to the distribution or designation or 23 |
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| 259 | 259 | | change of beneficiary to which it relates. 24 |
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| 262 | 262 | | •S 988 IS |
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| 263 | 263 | | ‘‘(4) CONSENT PERIOD.—For purposes of this 1 |
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| 264 | 264 | | subsection, the term ‘consent period’ means, with re-2 |
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| 265 | 265 | | spect to any distribution— 3 |
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| 266 | 266 | | ‘‘(A) the 90-day period immediately pre-4 |
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| 267 | 267 | | ceding the date of such distribution; or 5 |
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| 268 | 268 | | ‘‘(B) such other period as the Secretary of 6 |
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| 269 | 269 | | the Treasury may provide. 7 |
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| 270 | 270 | | ‘‘(f) D |
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| 271 | 271 | | ISCHARGE OFPLANFROMLIABILITY.—Rules 8 |
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| 272 | 272 | | similar to the rules of section 205(c)(6) shall apply for 9 |
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| 273 | 273 | | purposes of this section.’’. 10 |
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| 274 | 274 | | (2) C |
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| 275 | 275 | | LERICAL AMENDMENT .—The table of sec-11 |
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| 276 | 276 | | tions of part 2 of subtitle B of title I of the Em-12 |
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| 277 | 277 | | ployee Retirement Income Security Act of 1974 is 13 |
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| 278 | 278 | | amended by inserting after the item relating to sec-14 |
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| 279 | 279 | | tion 205 the following new item: 15 |
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| 280 | 280 | | ‘‘Sec. 205A. Additional spousal consent requirements.’’. |
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| 281 | 281 | | (3) RIGHT OF ACTION.—Section 502(a) of the 16 |
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| 282 | 282 | | Employee Retirement Income Security Act of 1974 17 |
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| 283 | 283 | | (29 U.S.C. 1132) is amended— 18 |
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| 284 | 284 | | (A) by striking ‘‘or’’ at the end of para-19 |
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| 285 | 285 | | graph (10); 20 |
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| 286 | 286 | | (B) by striking the period at the end of 21 |
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| 287 | 287 | | paragraph (11) and inserting ‘‘; or’’; and 22 |
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| 288 | 288 | | (C) by adding at the end the following new 23 |
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| 289 | 289 | | paragraph: 24 |
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| 292 | 292 | | •S 988 IS |
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| 293 | 293 | | ‘‘(12) by an individual for appropriate relief in 1 |
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| 294 | 294 | | the case of a violation of the individual’s rights 2 |
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| 295 | 295 | | under section 205A.’’. 3 |
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| 296 | 296 | | (b) C |
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| 297 | 297 | | ONFORMINGAMENDMENT TO INTERNALREV-4 |
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| 298 | 298 | | ENUECODE OF1986.—Section 401(a) of the Internal 5 |
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| 299 | 299 | | Revenue Code of 1986 is amended by inserting after para-6 |
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| 300 | 300 | | graph (17) the following new paragraph: 7 |
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| 301 | 301 | | ‘‘(18) A |
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| 302 | 302 | | DDITIONAL SPOUSAL CONSENT RE -8 |
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| 303 | 303 | | QUIREMENTS.— 9 |
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| 304 | 304 | | ‘‘(A) I |
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| 305 | 305 | | N GENERAL.—In the case of a de-10 |
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| 306 | 306 | | fined contribution plan to which paragraph (11) 11 |
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| 307 | 307 | | does not apply, except as provided in sub-12 |
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| 308 | 308 | | sections (c) and (d), a trust forming part of 13 |
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| 309 | 309 | | such plan shall not constitute a qualified trust 14 |
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| 310 | 310 | | under this section unless no distribution may be 15 |
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| 311 | 311 | | made under the plan unless the spousal consent 16 |
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| 312 | 312 | | requirements of subparagraph (E) are met. 17 |
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| 313 | 313 | | ‘‘(B) C |
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| 314 | 314 | | OORDINATION WITH PARAGRAPH 18 |
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| 315 | 315 | | (11).—Nothing in this paragraph shall be con-19 |
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| 316 | 316 | | strued to exempt a defined contribution plan 20 |
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| 317 | 317 | | from the requirements of paragraph (11) with 21 |
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| 318 | 318 | | respect to any participant. 22 |
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| 319 | 319 | | ‘‘(C) E |
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| 320 | 320 | | XCEPTIONS FOR CERTAIN DISTRIBU -23 |
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| 321 | 321 | | TIONS.—Subparagraph (A) shall not apply to— 24 |
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| 322 | 322 | | ‘‘(i) any distribution that is— 25 |
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| 325 | 325 | | •S 988 IS |
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| 326 | 326 | | ‘‘(I) a minimum required dis-1 |
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| 327 | 327 | | tribution described in section 4974(b), 2 |
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| 328 | 328 | | ‘‘(II) permitted under section 3 |
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| 329 | 329 | | 411(a)(11) to be made without the 4 |
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| 330 | 330 | | consent of the participant, or 5 |
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| 331 | 331 | | ‘‘(III) in an amount that is less 6 |
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| 332 | 332 | | than 25 percent of the account bal-7 |
|---|
| 333 | 333 | | ance, 8 |
|---|
| 334 | 334 | | ‘‘(ii) any distribution in the form of a 9 |
|---|
| 335 | 335 | | qualified joint and survivor annuity (as de-10 |
|---|
| 336 | 336 | | fined in section 417(b)), a qualified op-11 |
|---|
| 337 | 337 | | tional survivor annuity (as defined in sec-12 |
|---|
| 338 | 338 | | tion 417(g)), a qualified preretirement sur-13 |
|---|
| 339 | 339 | | vivor annuity (as defined in section 14 |
|---|
| 340 | 340 | | 417(c)), or a series of substantially equal 15 |
|---|
| 341 | 341 | | periodic payments (not less frequently than 16 |
|---|
| 342 | 342 | | annually) made for the joint lives (or life 17 |
|---|
| 343 | 343 | | expectancies) of the participant and the 18 |
|---|
| 344 | 344 | | participant’s spouse, or 19 |
|---|
| 345 | 345 | | ‘‘(iii) in the case of a participant who 20 |
|---|
| 346 | 346 | | does not elect a form of benefit described 21 |
|---|
| 347 | 347 | | in clause (ii) under the plan or who is par-22 |
|---|
| 348 | 348 | | ticipating in a plan that does not provide 23 |
|---|
| 349 | 349 | | such a form of benefit, any distribution of 24 |
|---|
| 350 | 350 | | the participant’s entire nonforfeitable ac-25 |
|---|
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| 352 | 352 | | ssavage on LAPJG3WLY3PROD with BILLS 13 |
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| 353 | 353 | | •S 988 IS |
|---|
| 354 | 354 | | crued benefit if 50 percent of such accrued 1 |
|---|
| 355 | 355 | | benefit is transferred to an individual re-2 |
|---|
| 356 | 356 | | tirement plan of the spouse of the partici-3 |
|---|
| 357 | 357 | | pant. 4 |
|---|
| 358 | 358 | | A transfer described in clause (iii) to an indi-5 |
|---|
| 359 | 359 | | vidual retirement plan shall be treated in the 6 |
|---|
| 360 | 360 | | same manner as a transfer under section 7 |
|---|
| 361 | 361 | | 408(d)(6). 8 |
|---|
| 362 | 362 | | ‘‘(D) E |
|---|
| 363 | 363 | | XCEPTIONS FOR CERTAIN ROLL -9 |
|---|
| 364 | 364 | | OVER CONTRIBUTIONS .—Subparagraph (A) 10 |
|---|
| 365 | 365 | | shall not apply to any distribution, involving a 11 |
|---|
| 366 | 366 | | participant who has a spouse, that is an eligible 12 |
|---|
| 367 | 367 | | rollover distribution (as defined in section 13 |
|---|
| 368 | 368 | | 402(f)(2)(A)) made in the form of a direct 14 |
|---|
| 369 | 369 | | trustee-to-trustee transfer within the meaning 15 |
|---|
| 370 | 370 | | of paragraph (31)— 16 |
|---|
| 371 | 371 | | ‘‘(i) to a plan to which this paragraph 17 |
|---|
| 372 | 372 | | or paragraph (11) applies, or 18 |
|---|
| 373 | 373 | | ‘‘(ii) to an individual retirement plan 19 |
|---|
| 374 | 374 | | if— 20 |
|---|
| 375 | 375 | | ‘‘(I) the beneficiary of such plan 21 |
|---|
| 376 | 376 | | is the spouse of the participant, or the 22 |
|---|
| 377 | 377 | | spousal consent requirements of sub-23 |
|---|
| 378 | 378 | | paragraph (E) are met with respect to 24 |
|---|
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| 380 | 380 | | ssavage on LAPJG3WLY3PROD with BILLS 14 |
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| 381 | 381 | | •S 988 IS |
|---|
| 382 | 382 | | any designation of 1 or more other 1 |
|---|
| 383 | 383 | | beneficiaries, and 2 |
|---|
| 384 | 384 | | ‘‘(II) under the terms of the indi-3 |
|---|
| 385 | 385 | | vidual retirement plan, the beneficiary 4 |
|---|
| 386 | 386 | | of such plan (whether the spouse or 5 |
|---|
| 387 | 387 | | other beneficiary designated under 6 |
|---|
| 388 | 388 | | subclause (I)) may not be changed un-7 |
|---|
| 389 | 389 | | less— 8 |
|---|
| 390 | 390 | | ‘‘(aa) the spousal consent 9 |
|---|
| 391 | 391 | | requirements of subparagraph 10 |
|---|
| 392 | 392 | | (E) are met with respect to any 11 |
|---|
| 393 | 393 | | such change, or 12 |
|---|
| 394 | 394 | | ‘‘(bb) the spousal consent 13 |
|---|
| 395 | 395 | | under subclause (I) to the des-14 |
|---|
| 396 | 396 | | ignation of a beneficiary other 15 |
|---|
| 397 | 397 | | than the spouse expressly permits 16 |
|---|
| 398 | 398 | | such designation to be changed 17 |
|---|
| 399 | 399 | | without the further consent of 18 |
|---|
| 400 | 400 | | the spouse. 19 |
|---|
| 401 | 401 | | ‘‘(E) S |
|---|
| 402 | 402 | | POUSAL CONSENT REQUIRE -20 |
|---|
| 403 | 403 | | MENTS.— 21 |
|---|
| 404 | 404 | | ‘‘(i) I |
|---|
| 405 | 405 | | N GENERAL.—For purposes of 22 |
|---|
| 406 | 406 | | this paragraph, except as provided in 23 |
|---|
| 407 | 407 | | clause (ii), the spousal consent require-24 |
|---|
| 408 | 408 | | ments of this subparagraph are met with 25 |
|---|
| 409 | 409 | | VerDate Sep 11 2014 00:07 Mar 26, 2025 Jkt 059200 PO 00000 Frm 00014 Fmt 6652 Sfmt 6201 E:\BILLS\S988.IS S988 |
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| 410 | 410 | | ssavage on LAPJG3WLY3PROD with BILLS 15 |
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| 411 | 411 | | •S 988 IS |
|---|
| 412 | 412 | | respect to any distribution or any designa-1 |
|---|
| 413 | 413 | | tion or change of beneficiary if— 2 |
|---|
| 414 | 414 | | ‘‘(I) the plan provides to each 3 |
|---|
| 415 | 415 | | participant, within a reasonable period 4 |
|---|
| 416 | 416 | | of time before such distribution or 5 |
|---|
| 417 | 417 | | designation or change of beneficiary is 6 |
|---|
| 418 | 418 | | made and consistent with such regula-7 |
|---|
| 419 | 419 | | tions as the Secretary may prescribe, 8 |
|---|
| 420 | 420 | | a written explanation of the rights of 9 |
|---|
| 421 | 421 | | the participant and the participant’s 10 |
|---|
| 422 | 422 | | spouse under this paragraph, 11 |
|---|
| 423 | 423 | | ‘‘(II) the spouse of the partici-12 |
|---|
| 424 | 424 | | pant consents in writing to the dis-13 |
|---|
| 425 | 425 | | tribution or designation or change of 14 |
|---|
| 426 | 426 | | beneficiary, 15 |
|---|
| 427 | 427 | | ‘‘(III) in the case of a distribu-16 |
|---|
| 428 | 428 | | tion, the written consent under sub-17 |
|---|
| 429 | 429 | | clause (II) is made during the consent 18 |
|---|
| 430 | 430 | | period, and 19 |
|---|
| 431 | 431 | | ‘‘(IV) the written consent under 20 |
|---|
| 432 | 432 | | subclause (II)— 21 |
|---|
| 433 | 433 | | ‘‘(aa) acknowledges the ef-22 |
|---|
| 434 | 434 | | fect of such distribution or des-23 |
|---|
| 435 | 435 | | ignation or change of beneficiary, 24 |
|---|
| 436 | 436 | | and 25 |
|---|
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| 438 | 438 | | ssavage on LAPJG3WLY3PROD with BILLS 16 |
|---|
| 439 | 439 | | •S 988 IS |
|---|
| 440 | 440 | | ‘‘(bb) is witnessed by a plan 1 |
|---|
| 441 | 441 | | representative or a notary public. 2 |
|---|
| 442 | 442 | | ‘‘(ii) E |
|---|
| 443 | 443 | | XCEPTIONS UNDER SECTION 3 |
|---|
| 444 | 444 | | 417 TO APPLY .—The requirements of 4 |
|---|
| 445 | 445 | | clause (i) (other than subclause (I) there-5 |
|---|
| 446 | 446 | | of) shall not apply with respect to any dis-6 |
|---|
| 447 | 447 | | tribution or designation or change of bene-7 |
|---|
| 448 | 448 | | ficiary if a participant establishes to the 8 |
|---|
| 449 | 449 | | satisfaction of the plan administrator 9 |
|---|
| 450 | 450 | | that— 10 |
|---|
| 451 | 451 | | ‘‘(I) there is no spouse, 11 |
|---|
| 452 | 452 | | ‘‘(II) the participant and the par-12 |
|---|
| 453 | 453 | | ticipant’s spouse have not been mar-13 |
|---|
| 454 | 454 | | ried for at least 1 year as of the date 14 |
|---|
| 455 | 455 | | of the distribution or designation or 15 |
|---|
| 456 | 456 | | change of beneficiary, or 16 |
|---|
| 457 | 457 | | ‘‘(III) such consent cannot be ob-17 |
|---|
| 458 | 458 | | tained because— 18 |
|---|
| 459 | 459 | | ‘‘(aa) the spouse cannot be 19 |
|---|
| 460 | 460 | | located, or 20 |
|---|
| 461 | 461 | | ‘‘(bb) of such other cir-21 |
|---|
| 462 | 462 | | cumstances as the Secretary, in 22 |
|---|
| 463 | 463 | | consultation with the Secretary 23 |
|---|
| 464 | 464 | | of Labor, may by regulations pre-24 |
|---|
| 465 | 465 | | scribe. 25 |
|---|
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| 467 | 467 | | ssavage on LAPJG3WLY3PROD with BILLS 17 |
|---|
| 468 | 468 | | •S 988 IS |
|---|
| 469 | 469 | | ‘‘(iii) CONSENT LIMITED TO SPOUSE 1 |
|---|
| 470 | 470 | | AND EVENT.—Any written consent by a 2 |
|---|
| 471 | 471 | | spouse under clause (i), or the establish-3 |
|---|
| 472 | 472 | | ment by a participant that an exception 4 |
|---|
| 473 | 473 | | under clause (ii) (other than subclause (I) 5 |
|---|
| 474 | 474 | | thereof) applies with respect to a spouse, 6 |
|---|
| 475 | 475 | | shall be effective only with respect to that 7 |
|---|
| 476 | 476 | | spouse and to the distribution or designa-8 |
|---|
| 477 | 477 | | tion or change of beneficiary to which it 9 |
|---|
| 478 | 478 | | relates. 10 |
|---|
| 479 | 479 | | ‘‘(iv) C |
|---|
| 480 | 480 | | ONSENT PERIOD .—For pur-11 |
|---|
| 481 | 481 | | poses of this subparagraph, the term ‘con-12 |
|---|
| 482 | 482 | | sent period’ means, with respect to any 13 |
|---|
| 483 | 483 | | distribution— 14 |
|---|
| 484 | 484 | | ‘‘(I) the 90-day period imme-15 |
|---|
| 485 | 485 | | diately preceding the date of such dis-16 |
|---|
| 486 | 486 | | tribution, or 17 |
|---|
| 487 | 487 | | ‘‘(II) such other period as the 18 |
|---|
| 488 | 488 | | Secretary may provide.’’. 19 |
|---|
| 489 | 489 | | SEC. 4. EFFECTIVE DATES. 20 |
|---|
| 490 | 490 | | (a) I |
|---|
| 491 | 491 | | NCREASINGSPOUSALPROTECTIONUNDERDE-21 |
|---|
| 492 | 492 | | FINEDCONTRIBUTIONPLANS.—Except as provided in 22 |
|---|
| 493 | 493 | | subsection (b), the amendments made by section 3 shall 23 |
|---|
| 494 | 494 | | apply to distributions and rollover contributions made in 24 |
|---|
| 495 | 495 | | VerDate Sep 11 2014 00:07 Mar 26, 2025 Jkt 059200 PO 00000 Frm 00017 Fmt 6652 Sfmt 6201 E:\BILLS\S988.IS S988 |
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| 496 | 496 | | ssavage on LAPJG3WLY3PROD with BILLS 18 |
|---|
| 497 | 497 | | •S 988 IS |
|---|
| 498 | 498 | | plan years beginning after the date that is 1 year after 1 |
|---|
| 499 | 499 | | the date of the enactment of this Act. 2 |
|---|
| 500 | 500 | | (b) P |
|---|
| 501 | 501 | | ROVISIONSRELATING TO PLANAMEND-3 |
|---|
| 502 | 502 | | MENTS.— 4 |
|---|
| 503 | 503 | | (1) I |
|---|
| 504 | 504 | | N GENERAL.—If this paragraph applies to 5 |
|---|
| 505 | 505 | | any plan or contract amendment, such plan or con-6 |
|---|
| 506 | 506 | | tract shall be treated as being operated in accord-7 |
|---|
| 507 | 507 | | ance with the terms of the plan during the period 8 |
|---|
| 508 | 508 | | described in paragraph (2)(C). 9 |
|---|
| 509 | 509 | | (2) A |
|---|
| 510 | 510 | | MENDMENTS TO WHICH PARAGRAPH (1) 10 |
|---|
| 511 | 511 | | APPLIES.— 11 |
|---|
| 512 | 512 | | (A) I |
|---|
| 513 | 513 | | N GENERAL.—Paragraph (1) shall 12 |
|---|
| 514 | 514 | | apply to any amendment to any plan or annuity 13 |
|---|
| 515 | 515 | | contract which is made— 14 |
|---|
| 516 | 516 | | (i) pursuant to the amendments made 15 |
|---|
| 517 | 517 | | by section 3 or pursuant to any regulation 16 |
|---|
| 518 | 518 | | issued under section 205A of the Employee 17 |
|---|
| 519 | 519 | | Retirement Income Security Act of 1974 18 |
|---|
| 520 | 520 | | or section 401(a)(18) of the Internal Rev-19 |
|---|
| 521 | 521 | | enue Code of 1986, as added by section 3; 20 |
|---|
| 522 | 522 | | and 21 |
|---|
| 523 | 523 | | (ii) on or before the last day of the 22 |
|---|
| 524 | 524 | | first plan year beginning on or after the 23 |
|---|
| 525 | 525 | | date that is 3 years after the date de-24 |
|---|
| 526 | 526 | | scribed in subsection (a). 25 |
|---|
| 527 | 527 | | VerDate Sep 11 2014 00:07 Mar 26, 2025 Jkt 059200 PO 00000 Frm 00018 Fmt 6652 Sfmt 6201 E:\BILLS\S988.IS S988 |
|---|
| 528 | 528 | | ssavage on LAPJG3WLY3PROD with BILLS 19 |
|---|
| 529 | 529 | | •S 988 IS |
|---|
| 530 | 530 | | In the case of a governmental plan (as defined 1 |
|---|
| 531 | 531 | | in section 414(d) of the Internal Revenue Code 2 |
|---|
| 532 | 532 | | of 1986), this subparagraph shall be applied by 3 |
|---|
| 533 | 533 | | substituting ‘‘5 years’’ for ‘‘3 years’’ in clause 4 |
|---|
| 534 | 534 | | (ii). 5 |
|---|
| 535 | 535 | | (B) C |
|---|
| 536 | 536 | | ONDITIONS.—Subparagraph (A) shall 6 |
|---|
| 537 | 537 | | not apply to any amendment unless— 7 |
|---|
| 538 | 538 | | (i) the plan or contract is operated as 8 |
|---|
| 539 | 539 | | if such plan or contract amendment were 9 |
|---|
| 540 | 540 | | in effect for the period described in sub-10 |
|---|
| 541 | 541 | | paragraph (C); and 11 |
|---|
| 542 | 542 | | (ii) such plan or contract amendment 12 |
|---|
| 543 | 543 | | applies retroactively for such period. 13 |
|---|
| 544 | 544 | | (C) P |
|---|
| 545 | 545 | | ERIOD DESCRIBED.—The period de-14 |
|---|
| 546 | 546 | | scribed in this subparagraph is the period— 15 |
|---|
| 547 | 547 | | (i) beginning on the effective date 16 |
|---|
| 548 | 548 | | specified by the plan; and 17 |
|---|
| 549 | 549 | | (ii) ending on the date described in 18 |
|---|
| 550 | 550 | | subparagraph (A)(ii) (or, if earlier, the 19 |
|---|
| 551 | 551 | | date the plan or contract amendment is 20 |
|---|
| 552 | 552 | | adopted). 21 |
|---|
| 553 | 553 | | SEC. 5. ACCESS TO INDEPENDENT CONSUMER INFORMA-22 |
|---|
| 554 | 554 | | TION AND UNDERSTANDING. 23 |
|---|
| 555 | 555 | | (a) D |
|---|
| 556 | 556 | | EFINITIONS.—In this section— 24 |
|---|
| 557 | 557 | | VerDate Sep 11 2014 00:07 Mar 26, 2025 Jkt 059200 PO 00000 Frm 00019 Fmt 6652 Sfmt 6201 E:\BILLS\S988.IS S988 |
|---|
| 558 | 558 | | ssavage on LAPJG3WLY3PROD with BILLS 20 |
|---|
| 559 | 559 | | •S 988 IS |
|---|
| 560 | 560 | | (1) the term ‘‘consumer’’ means any person 1 |
|---|
| 561 | 561 | | who purchases or acquires any goods, products, serv-2 |
|---|
| 562 | 562 | | ices, or credit related to the retirement or later life 3 |
|---|
| 563 | 563 | | economic security of the consumer; and 4 |
|---|
| 564 | 564 | | (2) the term ‘‘financial product or service pro-5 |
|---|
| 565 | 565 | | vider’’ means any person who engages in the busi-6 |
|---|
| 566 | 566 | | ness of providing any retirement financial product or 7 |
|---|
| 567 | 567 | | service to any consumer. 8 |
|---|
| 568 | 568 | | (b) R |
|---|
| 569 | 569 | | EQUIREDLINK TOCONSUMERAWARENESSIN-9 |
|---|
| 570 | 570 | | FORMATION.—In any offer for the sale, exchange, or other 10 |
|---|
| 571 | 571 | | transfer of a retirement financial product or service to a 11 |
|---|
| 572 | 572 | | consumer carried out by a financial product or service pro-12 |
|---|
| 573 | 573 | | vider, such provider shall provide, in a manner consistent 13 |
|---|
| 574 | 574 | | with subsection (c), an easily accessible link to the website 14 |
|---|
| 575 | 575 | | of the Bureau of Consumer Financial Protection (referred 15 |
|---|
| 576 | 576 | | to in this section as the ‘‘CFPB’’) at which the consumer 16 |
|---|
| 577 | 577 | | may access information, literature, guides, programs, 17 |
|---|
| 578 | 578 | | tools, strategies, or any other resource produced by the 18 |
|---|
| 579 | 579 | | CFPB or other Federal agency relating to retirement 19 |
|---|
| 580 | 580 | | planning or later life economic security. 20 |
|---|
| 581 | 581 | | (c) D |
|---|
| 582 | 582 | | ETERMINATION.—In order to ensure that the re-21 |
|---|
| 583 | 583 | | quirement under subsection (b) is effectively carried out, 22 |
|---|
| 584 | 584 | | the Financial Literacy and Education Commission shall 23 |
|---|
| 585 | 585 | | determine and publish on its website the appropriate link 24 |
|---|
| 586 | 586 | | to the CFPB’s website for access to the CFPB’s and other 25 |
|---|
| 587 | 587 | | VerDate Sep 11 2014 00:07 Mar 26, 2025 Jkt 059200 PO 00000 Frm 00020 Fmt 6652 Sfmt 6201 E:\BILLS\S988.IS S988 |
|---|
| 588 | 588 | | ssavage on LAPJG3WLY3PROD with BILLS 21 |
|---|
| 589 | 589 | | •S 988 IS |
|---|
| 590 | 590 | | Federal agencies’ consumer education materials, the pre-1 |
|---|
| 591 | 591 | | ferred format of such link, and any accompanying descrip-2 |
|---|
| 592 | 592 | | tion of the CFPB and the consumer education materials 3 |
|---|
| 593 | 593 | | associated with such link. 4 |
|---|
| 594 | 594 | | SEC. 6. GRANTS TO PROMOTE FINANCIAL LITERACY FOR 5 |
|---|
| 595 | 595 | | WOMEN. 6 |
|---|
| 596 | 596 | | (a) A |
|---|
| 597 | 597 | | UTHORIZATION OF GRANTAWARDS.—The Sec-7 |
|---|
| 598 | 598 | | retary of Labor, acting through the Director of the Wom-8 |
|---|
| 599 | 599 | | en’s Bureau, shall award grants on a competitive basis to 9 |
|---|
| 600 | 600 | | eligible entities to enable such entities to improve the fi-10 |
|---|
| 601 | 601 | | nancial literacy of women who are working age or in re-11 |
|---|
| 602 | 602 | | tirement, to increase the likelihood of the women realizing 12 |
|---|
| 603 | 603 | | a secure and stable retirement. 13 |
|---|
| 604 | 604 | | (b) D |
|---|
| 605 | 605 | | EFINITION OFELIGIBLEENTITY.—In this sec-14 |
|---|
| 606 | 606 | | tion, the term ‘‘eligible entity’’ means a community-based 15 |
|---|
| 607 | 607 | | organization with proven experience and expertise in serv-16 |
|---|
| 608 | 608 | | ing working-age or retired women. 17 |
|---|
| 609 | 609 | | (c) A |
|---|
| 610 | 610 | | PPLICATION.—An eligible entity that desires to 18 |
|---|
| 611 | 611 | | receive a grant under this section shall submit an applica-19 |
|---|
| 612 | 612 | | tion to the Secretary of Labor at such time, in such man-20 |
|---|
| 613 | 613 | | ner, and accompanied by such information as such Sec-21 |
|---|
| 614 | 614 | | retary may require. 22 |
|---|
| 615 | 615 | | (d) M |
|---|
| 616 | 616 | | INIMUMGRANTAMOUNT.—The Secretary of 23 |
|---|
| 617 | 617 | | Labor shall award grants under this section in amounts 24 |
|---|
| 618 | 618 | | of not less than $250,000. 25 |
|---|
| 619 | 619 | | VerDate Sep 11 2014 00:07 Mar 26, 2025 Jkt 059200 PO 00000 Frm 00021 Fmt 6652 Sfmt 6201 E:\BILLS\S988.IS S988 |
|---|
| 620 | 620 | | ssavage on LAPJG3WLY3PROD with BILLS 22 |
|---|
| 621 | 621 | | •S 988 IS |
|---|
| 622 | 622 | | (e) USE OFFUNDS.—An eligible entity that receives 1 |
|---|
| 623 | 623 | | a grant under this section shall use the grant funds to 2 |
|---|
| 624 | 624 | | develop and implement financial literacy education, and 3 |
|---|
| 625 | 625 | | related activities including outreach, awareness building, 4 |
|---|
| 626 | 626 | | and counseling to increase women’s knowledge of retire-5 |
|---|
| 627 | 627 | | ment planning and consumer, economic, and personal fi-6 |
|---|
| 628 | 628 | | nancial concepts. 7 |
|---|
| 629 | 629 | | (f) A |
|---|
| 630 | 630 | | UTHORIZATION OF APPROPRIATIONS.—There is 8 |
|---|
| 631 | 631 | | authorized to be appropriated to carry out this section 9 |
|---|
| 632 | 632 | | $100,000,000 for fiscal year 2026 and each succeeding 10 |
|---|
| 633 | 633 | | fiscal year. 11 |
|---|
| 634 | 634 | | SEC. 7. GRANTS TO ASSIST LOW-INCOME WOMEN AND SUR-12 |
|---|
| 635 | 635 | | VIVORS OF DOMESTIC VIOLENCE IN OBTAIN-13 |
|---|
| 636 | 636 | | ING QUALIFIED DOMESTIC RELATIONS OR-14 |
|---|
| 637 | 637 | | DERS. 15 |
|---|
| 638 | 638 | | (a) A |
|---|
| 639 | 639 | | UTHORIZATION OF GRANTAWARDS.—The Sec-16 |
|---|
| 640 | 640 | | retary of Labor, acting through the Director of the Wom-17 |
|---|
| 641 | 641 | | en’s Bureau and in conjunction with the Assistant Sec-18 |
|---|
| 642 | 642 | | retary of the Employee Benefits Security Administration, 19 |
|---|
| 643 | 643 | | shall award grants, on a competitive basis, to eligible enti-20 |
|---|
| 644 | 644 | | ties to enable such entities to assist low-income women 21 |
|---|
| 645 | 645 | | and survivors of domestic violence in obtaining qualified 22 |
|---|
| 646 | 646 | | domestic relations orders and ensuring that those women 23 |
|---|
| 647 | 647 | | actually obtain the benefits to which they are entitled 24 |
|---|
| 648 | 648 | | through those orders. 25 |
|---|
| 649 | 649 | | VerDate Sep 11 2014 00:07 Mar 26, 2025 Jkt 059200 PO 00000 Frm 00022 Fmt 6652 Sfmt 6201 E:\BILLS\S988.IS S988 |
|---|
| 650 | 650 | | ssavage on LAPJG3WLY3PROD with BILLS 23 |
|---|
| 651 | 651 | | •S 988 IS |
|---|
| 652 | 652 | | (b) DEFINITION OFELIGIBLEENTITY.—In this sec-1 |
|---|
| 653 | 653 | | tion, the term ‘‘eligible entity’’ means a community-based 2 |
|---|
| 654 | 654 | | organization with proven experience and expertise in serv-3 |
|---|
| 655 | 655 | | ing women and the financial and retirement needs of 4 |
|---|
| 656 | 656 | | women. 5 |
|---|
| 657 | 657 | | (c) A |
|---|
| 658 | 658 | | PPLICATION.—An eligible entity that desires to 6 |
|---|
| 659 | 659 | | receive a grant under this section shall submit an applica-7 |
|---|
| 660 | 660 | | tion to the Secretary of Labor at such time, in such man-8 |
|---|
| 661 | 661 | | ner, and accompanied by such information as the Sec-9 |
|---|
| 662 | 662 | | retary of Labor may require. 10 |
|---|
| 663 | 663 | | (d) M |
|---|
| 664 | 664 | | INIMUMGRANTAMOUNT.—The Secretary of 11 |
|---|
| 665 | 665 | | Labor shall award grants under this section in amounts 12 |
|---|
| 666 | 666 | | of not less than $250,000. 13 |
|---|
| 667 | 667 | | (e) U |
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| 668 | 668 | | SE OFFUNDS.—An eligible entity that receives 14 |
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| 669 | 669 | | a grant under this section shall use the grant funds to 15 |
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| 670 | 670 | | develop programs to offer help to low-income women or 16 |
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| 671 | 671 | | survivors of domestic violence who need assistance in pre-17 |
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| 672 | 672 | | paring, obtaining, and effectuating a qualified domestic re-18 |
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| 673 | 673 | | lations order. 19 |
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| 674 | 674 | | (f) A |
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| 675 | 675 | | UTHORIZATION OF APPROPRIATIONS.—There is 20 |
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| 676 | 676 | | authorized to be appropriated to carry out this section 21 |
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| 677 | 677 | | $100,000,000 for fiscal year 2026 and each succeeding 22 |
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| 678 | 678 | | fiscal year. 23 |
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| 679 | 679 | | Æ |
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| 680 | 680 | | VerDate Sep 11 2014 00:07 Mar 26, 2025 Jkt 059200 PO 00000 Frm 00023 Fmt 6652 Sfmt 6301 E:\BILLS\S988.IS S988 |
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| 681 | 681 | | ssavage on LAPJG3WLY3PROD with BILLS |
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