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Committee on Ways and Means For Immediate Release House GOP Strengthens Retirement Security WASHINGTON-Congress took action to protect the retirement plans of Americans today. In a 255 to 163 vote, the House passed H.R. 3762, the Pension Security Act of 2002. “Despite their partisan rhetoric, I’m pleased that forty-six Democrats joined the Republican majority to strengthen working Americans’ retirement security,” stated Bill Thomas (R-CA), Chairman of the Ways and Means Committee. The legislation takes important steps to enhance employee rights and protections without imposing burdensome regulations. It protects employees by allowing them more control over the investment of their accounts. The bill will also require managers to notify their employees in advance of a blackout, so that workers have the opportunity to change their investments before restrictions go into effect. The legislation promotes investor education and access to professional investment advice. It encourages companies to voluntarily sponsor pension plans by reducing costs and regulatory burdens for employers. Finally, the bill clarifies the current-law tax treatment of statutory stock options, thus preempting proposed IRS regulations and preventing a huge tax increase on rank-and-file workers. |