BNA reported that Ashcroft submitted the Pension Opportunities for Women’s Equality in Retirement Act on June 6. It would increase vesting, ease portability and raise contribution limits for individual retirement accounts, 401(k) plans, 403(b) plans, 457 plans among others.
“As a result of the lack of pensions and relatively low savings among American women, older women are twice as likely as older men to be living near or below the federal poverty threshold. Further, the poverty rates for widows, divorced women, and never-married women are significantly higher than the rate for all elderly,” Ashcroft said, according to BNA.
The news service also reports that many House members share Ashcroft’s concern about retirement security.