The Pension Security Act (PSA) won an easy thumbs up from the House Education & the Workforce Committee on a 29 to 19 vote, according to a committee announcement. The PSA was authored by (HR 1000) Workforce Committee Chairman John Boehner (R-Ohio) and Employer-Employee Relations Subcommittee Chairman Sam Johnson (R-Texas) (See Boehner House Committee Set For March 5 PSA Vote). The committee announcement said Reps. David Wu (D-Oregon) and Ron Kind (D-Wisconsin) joined Republicans Thursday in backing the bill.
The PSA will give workers the ability to diversify their retirement savings within three years, expand worker access to investment advice, empower workers to hold company insiders accountable for abuses, and give workers better information about their pensions.
“Expanding worker access to quality investment advice is the most important pension protection of all,” Boehner said in a statement. “This bill is a common sense way to encourage employers to provide investment advice as a benefit to their workers, and it includes strong protections to ensure that they receive advice solely in their best interests.”
The latest version of the PSA largely mirrors the bill that was passed by the House last April, the committee said. The House passed the Pension Security Act 255-163, with the support of 46 Democrats (See Pension Protection Passes House). Efforts to put together a Senate version died before Congressional adjournment.