What: All Issues : Labor Rights : Pension Protections : H.R. 1000. Employee Pensions/Passage of a Bill Intending to Safeguard Employee Pension Accounts Which Failed to Extend Those Rules to Corporate Executive Pension Plans. (2003 house Roll Call 189)
 Who: All Members
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H.R. 1000. Employee Pensions/Passage of a Bill Intending to Safeguard Employee Pension Accounts Which Failed to Extend Those Rules to Corporate Executive Pension Plans.
house Roll Call 189     May 14, 2003
Progressive Position:
Nay
Progressive Result:
Loss

The subject of this vote was final passage of the Pension Protection Act; a GOP-drafted bill designed to improve safeguards on employee pension accounts. The bill would allow employees greater control over their retirement accounts, provide them with more information about their investments, and require employers to provide quarterly statements regarding employee pension plans. Though the bill represented a modest first step, Progressives argued that the measure did not go far enough to protect employee pensions. Specifically, they were concerned that allowing private money managers to provide employees with financial advise would create a conflict of interest because the managers might be tempted to recommend those investments that benefit them personally (money managers can receive benefits if they channel investments to certain companies). Progressives also sought to impose the same pension rules on executives that apply to non-executives; a move intended to disallow what they often view as overly generous pension packages to corporate executives. These two specific concerns that were raised by Progressives during debate on the employee pensions bill were not incorporated into the legislation. Despite opposition from Progressives, the pension protection legislation was adopted on a 271-157 vote.

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