Information about the vote from special interest groups and other information providers in our Report Cards:
U.S. Chamber of Commerce
Comprehensive Retirement Security and Pension Reform Act.
The U.S. Chamber strongly supported the Comprehensive Retirement Security and Pension Reform Act, which will help more businesses offer pension benefits. The House approved this measure. H.R. 10 would make employer-sponsored pension programs affordable for more business owners by easing paperwork requirements and streamlining regulations. The legislation would also encourage individual retirement savings by raising annual IRA contributions limits from $2,000 to $5,000 over three years, and by reducing the current five-year vesting period for 401k funds. This pension reform measure was ultimately included in the comprehensive tax relief legislation, H.R. 1836, signed into law by President Bush on June 7, 2001. Savings is the basis for productivity growth that leads to a higher standard of living. However, about half of all workers - those that work for small businesses, in particular - do not have a retirement or pension plan.