Portman-Cardin Passed by House

May 2, 2001 (PLANSPONSOR.com) - The Portman-Cardin proposed legislation sailed through the House of Representatives by a bipartisan vote of 407 to 24.

The legislation will make it possible for more Americans to save for retirement by making it easier for businesses to establish private pension plans for employees by removing some of th burdens of administering such plans

The bill, HR 10 would also increase the amount of money workers could contribute to IRAs and 401 (k) plans, and would allow employees age 50 and older to contribute an additional $5,000 each year to their pension plan.

It would also make it easier for employees who change jobs to rollover pension funds into their new employer’s plan or into an IRA.

– Camilla Klein                   editors@plansponsor.com