401(k) Reform Bill Advances in Senate Insurance Week (07/15/02) p.1; Geisel, Jerry
Legislation that would implement further protections for 401(k) participants was unanimously approved by the Senate Finance Committee last week, and lawmakers will have to try and find a compromise between the Republican proposal and a similar bill passed by the Senate's Health, Education, Labor, and Pensions Committee. The bills offer the same provisions for allowing 401(k) plan participants to sell their company stock after three years, require companies to give employees 30-day advance notice on lockdown periods, and order companies to provide plan participants with quarterly statements, but differ on company stock limits, employee representation, and other issues. Chairman of the Senate Finance Committee Max Baucus (D-Mont.) hopes to find a compromise by September, and Senate Majority Leader Tom Daschle (D-S.D.) will try and schedule a vote then, but critics are wary as to whether the Senate and House will be able to agree and settle on one bill.