[Congressional Record (Bound Edition), Volume 148 (2002), Part 4]
[Extensions of Remarks]
[Page 4930]
[From the U.S. Government Publishing Office, www.gpo.gov]




                      PENSION SECURITY ACT OF 2002

                                 ______
                                 

                               speech of

                            HON. TODD TIAHRT

                               of kansas

                    in the house of representatives

                        Thursday, April 11, 2002

  Mr. TIAHRT. Mr. Speaker, I rise in strong support of H.R. 3762, the 
Pension Security Act of 2002. This legislation is not only a step in 
addressing areas such as blackout periods and diversification in 
retirement accounts, it is an important step towards giving workers 
throughout my state of Kansas, and the rest of America, the peace of 
mind and security they deserve when planning for retirement.
  This bill, based on the President's pension reform proposal, contains 
new safeguards and options to help workers preserve and enhance their 
retirement security, and demands greater accountability from companies 
and senior corporate executives during so-called ``blackout periods'' 
when workers are not allowed to make changes to investments in their 
retirement accounts.
  The Pension Security Act would have made a real difference in the 
lives of thousands of Enron employees and investors if these measures 
had existed at the time of the company's collapse. For example, under 
this bill, diversification and sound investment advice would have been 
readily available because investment advisors would have been made more 
accessible and employers would have been forced to take responsibility 
for anything that happened to employee retirement savings during 
blackout periods. Companies would have also been required to provide 
30-day advance notice of a blackout period.
  Mr. Speaker, I believe Congress has a responsibility to fully protect 
workers and give them the ability to enhance their retirement savings. 
Enron workers may well be the victims of criminal wrongdoing, but they 
were definitely the victims of outdated federal pensions laws. Let's 
prevent this from happening again. Pass the Pension Security Act.

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