NewsApril 12, 2002
WASHINGTON -- The House voted Thursday to add more worker protections to the nation's pension laws in response to the Enron collapse that caused thousands of employees to lose their retirement savings. The bill, passed on a 255-163 vote, is modeled after President Bush's pension overhaul plan...
By Leigh Strope, The Associated Press

WASHINGTON -- The House voted Thursday to add more worker protections to the nation's pension laws in response to the Enron collapse that caused thousands of employees to lose their retirement savings.

The bill, passed on a 255-163 vote, is modeled after President Bush's pension overhaul plan.

It would let workers get investment advice from the companies managing their retirement plans, allow workers to sell employer-matched stock in their 401(k) plans after three years and require that notice be given to workers before changes are made to their accounts.

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Enron workers "are the victims of outdated federal pension laws," said Rep. John Boehner, R-Ohio, one of the bill's authors.

About 42 million Americans hold 401(k) accounts, with $2 trillion in assets.

Democrats have a more sweeping proposal making its way through the Senate that would limit company stock in 401(k) plans. The Bush administration is not supporting that plan.

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