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Client Service September 7, 2022
DOL to Host Webinar on Women’s Retirement Security
The webinar will provide steps women can take that will have a positive impact on their financial future.
Reported by DJ Shaw
The Department of Labor’s Employee Benefits Security Administration and Women’s Bureau have partnered with the Women’s Institute for a Secure Retirement to present an upcoming webcast on steps women can take to help improve their retirement security.
According to a DOL press release, the webcast will address challenges many women face in saving for retirement, from the gender pay gap to the caregiving gap. Speakers will focus on the economic trade-offs many women are forced to make during primary working years.
The webinar aims to help women understand their employer’s retirement plan and the protections that can lead to more informed decisions, the release states.
Retirement industry analyses show that while the negative economic effects of the pandemic are widespread, women are more likely to have been laid off or furloughed during the COVID-19 crisis. Gender-based pay disparities, time out of the workforce and disproportionate caregiving responsibilities for elders and children were already longstanding challenges to women’s retirement preparedness, and the pandemic only worsened these pressures.
Another recent survey found that fewer women than men have achieved their financial goals, again in part because of the pandemic. Results show that 50% of women versus 58% of men are contributing to a 401(k) or individual retirement account; 47% of women are building an emergency fund, compared with 59% of men; and 39% of women are increasing retirement contributions versus 51% of men.
In July, Senator Patty Murray, D-Washington, chair of the Senate Health, Education, Labor and Pensions Committee, and Representative Lauren Underwood, D-Illinois, reintroduced the Women’s Retirement Protection Act of 2021. According to the lawmakers, the legislation aims to address the gender-based retirement savings gap and bolster women’s financial security overall. They said the reintroduction came in light of the COVID-19 pandemic and the related economic crisis that has disproportionately impacted women, particularly women of color.
The “Steps to Improve Women’s Retirement Security Webcast” will be held on September 20 at 2 p.m. Individuals can register here.