Senate legislation that would require employers to allow long-term part-time employees to make contributions to a 401(k) plan was introduced today, according to a news release from the office of Sen. John Kerry, D-Mass. The bill, called the Womens Retirement Security Act of 2007, would also require employers that currently do not sponsor a retirement plan to allow employees to contribute a portion of their salary to an IRA.
Unfortunately, due to unique circumstances women face in their lifetime, the current pension structure makes it more difficult for women to prepare for retirement, Sen. Gordon Smith, R-Ore., one of the bills co-sponsors, said in the release. It is important that we remove barriers in the current system and provide more opportunities for women to save for their future needs.
Other co-sponsors were Sens. Kent Conrad, D-N.D.; Jeff Bingaman, D-N.M.; and Olympia Snowe, R-Maine.