Pension simplification finally became law today, five years after being held hostage to party politics. In a White House ceremony, President Clinton today signed the minimum wage bill and pension simplification package, H.R. 3448, which passed Congress Aug. 2. The simplification package intends to make it easier for employers to administer their retirement plans, and prompt small businesses to offer retirement benefits. The new law also lets non-working spouses set aside $2,000 in individual retirement accounts, up from the previous $250.
The legislation was vetoed three times by the White House; each time it was attached to broader tax bills.
