“This bill includes safeguards and options which help workers preserve and enhance their retirement security,” said Johnson.  “Additionally, it insists on greater accountability from companies and corporate executives during ‘blackout’ periods when rank-and-file workers are unable to change investments in their retirement accounts.”

The Pension Security Act is based on five principles of worker protection:
· Gives workers freedom to diversify investment options
· Creates parity between senior corporate executives and rank-and-file workers
· Clarifies that employers are responsible for worker savings during blackouts
· Enhances worker access to quality investment advice
· Gives workers better information about their pensions

“The Enron disaster robbed many Americans of their hard-earned nest eggs,” noted Johnson.  “This bill identifies the failures of our current pension system and modernizes the outdated pension protections that came into existence long before the advent of a 401K system.  Bottom line:  this legislation is long overdue and is the first of many governmental steps in the right direction.”

The Pension Reform Act passed the U.S. House 255 in favor, 193 opposing.  It now goes before the Senate before President Bush can sign it into law.