Bill Would Give Employees Tools to Prevent Future 401(k) Fumbles BestWeek (02/11/02) p.15; Kelly, Dennis
The Employee Retirement Savings Bill of Rights, introduced Feb. 4 by Rep. Ben Cardin (D-Md.), would limit restrictions imposed by companies that prevent people from releasing employer stock if they so choose. During "blackouts," when companies switch the management of their retirement accounts from one investment firm to another, employees do not have access to their 401(k) plans. In a recent speech President Bush proposed that "company executives be prohibited from selling any and all of their stock during these blackout periods."