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EBSA News Release: [05/14/2003]
Contact Name:
Kathleen Harrington
Phone Number: (202) 693-4676
Secretary of Labor Elaine L. Chao Applauds Passage of
Retirement Security Bill
Urges Senate to Improve Retirement Security for
Workers
WASHINGTON—Secretary of Labor Elaine L. Chao today applauded
the quick action of the House of Representatives in passing legislation that
strengthens and protects the retirement security of America’s
workforce.
Chao said, “In light of past corporate scandals, we must improve
workers’ confidence that their retirement savings will be secure under
these new protections. Today’s workforce has evolved into a nation of
investors and this legislation provides the tools for realizing their
retirement dreams.
“Congress made a down payment on improving retirement security when
it passed a portion of President Bush’s Retirement Security Plan. This
bill, coupled with last year’s pension reforms, will provide workers with
greater choice, confidence and control over their retirement plans.”
Last year Congress passed two of the President’s key reforms. Those
reforms guarantee workers the right to receive a 30-day notice prior to a
pension plan blackout period and ensure that senior corporate executives are
subject to the same restrictions as average workers.
H.R. 1000, which passed the House with bi-partisan support, would give
workers more freedom to diversify investments, provide better information
through 401(k) and pension plan statements, and give employees access to
professionals on investment advice.
Chao urged the Senate to act quickly to pass this important legislation
so more workers can enjoy a secure retirement future.
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