Bush urges congress to pass pension changes
( 2002-03-02 10:14) (8)
US President George W. Bush on Friday urged Congress to pass pension changes that would allow workers to sell company stock in their 401(k) accounts and diversify into other investment options after three years.
Bush reiterated his appeal as he was visiting Iowa State to raise campaign fund for the state Republican Party for the mid- term election in this fall.
Bush suggested to give workers 30 days' notice before any blackout where they would not be able to change or access their retirement accounts, and prohibit officers from selling their company stocks when workers cannot.
He also called on Congress to shield from "junk lawsuits" employers who want to make third-party investment counselors available to workers seeking financial advice.
Bush made his pension-protection proposals after the Enron stories came out last year. Thousands of Enron employees were stripped of their retirement savings in accounts loaded with Enron stock as it plummeted. Enron, the seventh largest company in the U. S., filed for bankruptcy protection on December 2.
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