The House of Representatives is likely to pass on Wednesday a $1.5 billion tax bill that includes more than 24 pension law changes designed to encourage savings and make retirement plans more secure, Rep. Bill Archer, R-Texas, chairman of the House Ways and Means Committee, said today.
``I am very optimistic these Republican pension reforms will be passed by the House and Senate and signed into law by President Clinton,'' he said.
The changes include the establishment of a simplified retirement plan for small businesses, the establishment of 401(k) plans for employees of tax-exempt organizations, and changes in the trust requirements of state and local government section 457 pension plans so the assets now will be held exclusively for the benefit for employees.
