Under the WPPA, workers who complete 500 hours of service for three consecutive years will be eligible to participate in their employer's retirement plan.

Another provision would require that, in any offer to sell a financial product or service, financial providers must provide a link to the Consumer Financial Protection Bureau website with information relating to retirement planning or later life economic security.

The WPPA would also award grants of at least $250,000 to community-based organizations to improve the financial literacy of women who are of working or retirement age.

The WPPA has been cosponsored by Representatives Rosa DeLauro, D-Connecticut, Lois Frankel, D-Florida, Raul Grijalva, D-Arizona, Luis Gutierrez, D-Illinois, Eleanor Holmes Norton, D-Washington, D.C., Doris O. Matsui, D-California, Carolyn B. Maloney, D-New York and Chris Van Hollen, D-Maryland.

In a statement, Schakowsky said, "One of the many barriers that women in America face in the effort for full equality is access to a secure retirement. On average women face a 26 percent gap in retirement savings compared to men, while also being much more likely to earn less than their male counterparts."

Schakowsky added, "This is why I and my Senate colleague, Patty Murray, have introduced legislation that would increase women's access to retirement security by improving spousal protections to retirement plans such as 401(k)s, making more long-term and part-time workers eligible for retirement plans and improving financial literacy. By enacting these reforms we can improve the economic and retirement security of women and all Americans."