Washington, D.C. – U.S. Senators Susan Collins (R-ME) and Maggie Hassan (D-NH) introduced the Military Spouse Retirement Security Act (S. 4173), a bipartisan bill that would help spouses of active duty service members save for retirement by expanding access to employer-sponsored retirement plans.
Many American households struggle to save for their golden years, especially as the economic and health effects of the COVID-19 pandemic pose an additional threat to retirement security. Spouses of active duty service members, however, face an additional hurdle to saving for retirement. According to the Department of Defense, about one-third of military service members experience a permanent change of station move every year. When service members move, their spouses often relocate with them, putting their own careers on hold.
“Military spouses are the unsung heroes of our country’s national defense. They often put their professional lives on hold, threatening their long-term retirement security,” said Senator Collins. “Our bipartisan bill would help to encourage small employers to provide military spouses with accelerated access to retirement plans and employer contributions.”
“For many military spouses, saving for retirement is difficult because of how often their families will move in service to our country,” Senator Hassan said, “Our bipartisan bill will encourage small employers to provide spouses of service members with a retirement plan, which will help military families save for a secure retirement."
Under the Military Spouse Retirement Security Act:
Click HERE to read the bill text.