NU Online News Service, March 21, 11:17 a.m. — Washington
A House panel approved a pension reform measure yesterday that would impose new fiduciary standards on plan sponsors while giving workers greater access to investment advice
The legislation, H.R. 3762, was approved by a 28-19 vote in the wake of the controversy surrounding the Enron defined contribution plan.
The legislation was approved by the House Committee on Education and the Workforce.
H.R. 3762 seeks to provide employees with greater protection against self-dealing by company executives.
Specifically, H.R. 3762 bars senior corporate executives from selling company stock during blackout periods, and to give employees 30-days notice before a blackout period begins.