The House Ways and Means Committee today passed the Employee Retirement Savings Bill of Rights by a 36-2 vote, with no amendments. The legislation, sponsored by Reps. Rob Portman, R-Ohio, and Ben Cardin, D-Md., would penalize retirement plan sponsors that fail to give participants information on basic investing principles. The bill, similar but not identical to President Bushs pension package sponsored by Reps. John Boehner, R-Ohio, and Sam Johnson, R-Texas, also would require employers to let participants sell their company stock holdings after three years and let employees spend $500 on investment advice from qualified advisers.
The Portman-Cardin legislation is expected to be melded with the pension legislation introduced in the House Education and Workforce Committee by Mr. Boehner.