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The Employee Ownership Update

Corey Rosen

March 13, 2002

(Corey Rosen)

Principal Legislative Proposals to Reform 401(k) Plans and ESOPs

(Updated May 10, 2002)

A number of bills have been introduced to reform 401(k) plans and/or ESOPs. The list below describes the principal provisions as they would affect employer stock in these plans. Only those bills that appear likely to receive some consideration, and that affect employer stock, are described here.

S. 2190 Worker Investment and Retirement Education Act (John Kerry, D-MA, Olympia Snowe (R-ME), Lincoln Chafee (R-RI), and Dianne Feinstein (D-CA).

S. 1921, Pension Plan Protection Act (Kay Bailey Hutchison, R-TX, and Trent Lott, R-MI), H.R. 3762 (John Boehner, R-OH, and Sam Johnson, R-TX)

Note: This bill parallels the Bush Administration proposal.

S. 1992, Protecting America's Pensions Act of 2002 (Edward Kennedy, D-MA)

Diversification Rules:

Worker Rights:

Worker Education:

S. 1971, National Employee Savings and Trust Equity Guarantee Act (Charles Grassley, R-IA)

H.R. 3669, The Employee Retirement Savings Bill of Rights (Rob Portman, R-OH, and Benjamin Cardin, D-MD)

S. 1838, Pension Protection and Diversification Act of 2001 (Barbara Boxer, D-CA, and John Corzine, D-NJ); H.R. 3640 (William Pascrell, D-NJ)

Update: This bill has now been withdrawn, and the sponsors are backing the Kennedy bill.

H.R. 3657, The Employee Pension Freedom Act (George Miller, D-CA)

H.R. 3463, Pension Protection Act (Peter Deutsch, D-FL, and Gene Greene, D-TX)

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