House Education & the Workforce Committee Chairman John Boehner (R-Ohio) and Employer-Employee Relations Chairman Sam Johnson (R-Texas) said the Pension Security Act would likely be introduced within the next few weeks. The bill passed the House last April. (See Pension Protection Passes House ).
“Last year, the Republican-led House responded quickly and decisively to the President Bush’s call to restore investor confidence in the nation’s pension system in response to the Enron collapse,” Boehner said in a statement. “Unfortunately, the Democrat-controlled Senate refused to schedule a vote on the Pension Security Act or any other comprehensive pension reform measure before adjournment.”
Boehner and Johnson said the new version of the Pension Security Act would largely mirror the first version of the bill. According to the lawmakers, the new bill:
- will give workers new retirement security protections
- will give workers new freedom to diversify their retirement savings within three years
- expands worker access to investment advice
- empower workers to hold company insiders accountable for abuses
- give workers better information about their pensions.