Cardin Introduces New Retirement Security Legislation

Thursday, April 28, 2005

CARDIN INTRODUCES NEW RETIREMENT

SECURITY LEGISLATION

"Follows Portman-Cardin Tradition"
 

WASHINGTON -- Americans would be able to save more for retirement and have more control over their savings under new pension legislation introduced today by Rep. Benjamin L. Cardin (D-MD). The Cardin bill "follows the Portman-Cardin tradition by giving Americans new savings opportunities, strengthening and expanding the employer-sponsored retirement system, and offering important new protections to workers participating in retirement savings plans."

Rep. Cardin stressed: "I want to continue the progress we've made since the 2001 pension reform bill. This new bill provides Americans with even greater savings opportunities. It's a win-win for everyone," said Rep. Cardin, a member of the Ways & Means Committee.

In 2001, Reps. Cardin and Portman had enacted into law their Comprehensive Retirement Security and Pension Reform Act. The measure made it easier for Americans to save for retirement and removed many of the barriers making it difficult for small businesses to create and administer private pension plans.

The Pension Preservation and Savings Expansion Act of 2005, would:

* * * * *

Summary of the Pension Preservation and
Savings Expansion Act
April 28, 2005

Helping Families Build Retirement Savings
 
Expanding Workplace Plans and Participation
 
Uniformity and Regulatory Simplification
 
Preserving Retirement Income
 

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