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Committee on Ways and Means

For Immediate Release
Contact: Press Office 202-225-8933
March 14, 2002

Pensions Bill Receives Broad Bipartisan Support --
Ways and Means Advances Pensions Reform Legislation

WASHINGTON—Today, lawmakers took an important step toward securing the retirement of Americans by passing H.R. 3669, the Employee Retirement Savings Bill of Rights.  The Committee action will provide employees with greater control over their retirement accounts without weighing employers down with burdensome regulations.

The bill provides several important protections for employees by improving access to investment education and professional retirement planning services.  It requires employers to notify workers 30 days in advance of a blackout period so that they can alter their investment options prior to the imposition of any restrictions.  The legislation also provides employees with the right to sell company stock and diversify into other investment options after three years of service under the plan.

Chairman Bill Thomas (R-CA) offered an amendment that strengthened the underlying bill by tightening the notification requirements from employers.  His amendment was accepted and H.R. 3669 was favorably reported by a 36-2 vote.