Senator Introduces Bill to Give Long-Term Part-Time Workers Access to Retirement Plans

Legislation that would give long-term part-time workers access to workplace retirement savings plans and add spousal protections for defined benefit plan participants was introduced Wednesday by Patty Murray (D-WA), ranking member of the Senate Health, Education, Labor and Pensions Committee. The proposed Women's Pension Protection Act would also support financial literacy programs and other measures to enhance retirement security for women, reports Pensions & Investments . The measure has 16 Senate co-sponsors and has been endorsed by several advocacy groups, including the AARP. For long-term part-time workers, the legislation would amend the minimum participation standards for defined contribution plans, allowing them to participate when they reach age 21 or one year of service or at least 500 hours of service for two consecutive years. Plans failing to permit participation could be subject to a civil penalty of $10,000 per year per employee.