English's bill aims to protect retirees
WASHINGTON -- U.S. Rep. Phil English of Erie, R-21st, has introduced legislation that would protect workers and their retirement savings.
English said his plan mirrors the president's and encourages workers to diversify their retirement accounts.
President Bush, in his State of the Union address last week, called on Congress to move quickly to enact reforms to protect the retirement investments of working Americans.
English's Safeguarding America's Retirement Act would:
URequire companies to allow employees to make changes in their 401K plans at least four times a year.
UPermit employees to control investment of all the money in the accounts, including employer matching funds, after the money is vested or after three years, whichever comes first.
UAllow no more than 20 percent of a 401K to be invested in a single security.
UMake 401K administrators more responsible for the manner in which the account is handled.