Democrats to Push Hard for New Pension Reform Laws
Pensions & Investments (08/05/02) p.3; Anand, Vineeta

Democrats could push for pension reforms before the end of this congressional session, but a compromise bill between the Senate Finance Committee and the Health, Education, Labor, and Pensions Committee would have to represent a middle ground to garner enough votes. Both bills grant employers immunity from the federal pension law concerning investment advice as long as it is given by an independent advisor, let plan participants diversify after three years, require employers to notify employees of blackout periods 30 days in advance, require corporate executives to report to workers about insider company stock sales, and prohibit protection from federal pension law during blackout periods. However, sticking points include allowing employees to seek restitution, placing employee representatives on the board administering the retirement plan, and limiting the ability of employers to offer company stock as an investment option in defined-contribution plans.


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