What: All Issues : Labor Rights : Pension Protections : HR 3762. Pension Reform/Final Passage of a Bill Which Allowed Executives to Own a Greater Share of Pension Money and Required the Diversification of Employee Pension Plans. (2002 house Roll Call 92)
 Who: All Members
[POW!]
 

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HR 3762. Pension Reform/Final Passage of a Bill Which Allowed Executives to Own a Greater Share of Pension Money and Required the Diversification of Employee Pension Plans.
house Roll Call 92     Apr 11, 2002
Progressive Position:
Nay
Progressive Result:
Loss

Pension reform became a hot issue on Capitol Hill after scandals at Enron and other corporations. At Enron, employees were prevented from selling their company stock and could only watch as it lost all its value, destroying their retirement with it. In response, Republicans proposed a reform bill that made it easier to diversify company pension plans and required employers to provide employees with outside investment advice. Progressives and Democrats in general agreed with the principle of this bill, but they had problems with several of its specifics. They worried that the outside investment advisors would be just as self-serving as the employer had been, but toward different ends. They also felt the diversification provision was too confusing: it gave employers maximum flexibility by allowing them to decide if stock they contributed to the pension could be sold after three years from the start of the employee's participation in the program or three years from the date the stock was added to the plan. Finally, they disliked a provision that weakened existing law to allow less equitable allocations of pension money between executives and employees. However, despite these complaints Progressives did not have the votes to kill the bill, and it passed 255-163.

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