Andy Lang
08-15-2002, 09:19 AM
Dear CRS (Coalition for Retirement Security )member groups:
We thought you would want to know that there's an excellent chance to get legislative provisions of special interest to CRS members through Congress next month. The provisions include:
(1) A pension advocate to be a voice for employee and retiree concerns within the federal government;
(2) Whistle blower protection for employees who speak up about improper pension and 401(k) practices;
(3) The right to vote shares of stock held by 401(k) plans in favor of (or in opposition to) shareholder resolutions;
(4) Full disclosure of the value of pension payment options, for example, when a pension paid as a lump sum is worth much less than a lifetime annuity; and
(5) The right to receive pension calculation worksheets showing how benefits have been figured.
These provisions are the direct result of the advocacy and experiences of CRS member groups. They are included in S. 1992, the Protecting America's Pensions Act, reported out of the Senate Health Education Labor and Pensions Committee.
There are also a number of other important provisions included in S. 1992 , which is primarily aimed at preventing the kinds of losses experienced by Enron, WorldCom and Global Crossing employees (and making them whole). These include requirements that employees be represented on 401(k) boards of trustees and that company executives be held accountable for misleading employees about the value of company stock. We will be sending you information about these provisions, as well as about an important cash balance measure passed by the House that could be attached to the Senate’s Treasury Appropriations bill.
Business groups are spending this month meeting with Senators in their home states (and with their staff members in DC) urging that these measures be dropped in favor of a very weak bill passed by the House of Representatives. Now it's our turn! It is critical that your Senators hear from you in support of the specific CRS-related provisions outlined above and S. 1992 as a whole .
Paul Edwards and Prof John Guarrera-CRS
Karen Ferguson and Karen Friedman-PRC
We thought you would want to know that there's an excellent chance to get legislative provisions of special interest to CRS members through Congress next month. The provisions include:
(1) A pension advocate to be a voice for employee and retiree concerns within the federal government;
(2) Whistle blower protection for employees who speak up about improper pension and 401(k) practices;
(3) The right to vote shares of stock held by 401(k) plans in favor of (or in opposition to) shareholder resolutions;
(4) Full disclosure of the value of pension payment options, for example, when a pension paid as a lump sum is worth much less than a lifetime annuity; and
(5) The right to receive pension calculation worksheets showing how benefits have been figured.
These provisions are the direct result of the advocacy and experiences of CRS member groups. They are included in S. 1992, the Protecting America's Pensions Act, reported out of the Senate Health Education Labor and Pensions Committee.
There are also a number of other important provisions included in S. 1992 , which is primarily aimed at preventing the kinds of losses experienced by Enron, WorldCom and Global Crossing employees (and making them whole). These include requirements that employees be represented on 401(k) boards of trustees and that company executives be held accountable for misleading employees about the value of company stock. We will be sending you information about these provisions, as well as about an important cash balance measure passed by the House that could be attached to the Senate’s Treasury Appropriations bill.
Business groups are spending this month meeting with Senators in their home states (and with their staff members in DC) urging that these measures be dropped in favor of a very weak bill passed by the House of Representatives. Now it's our turn! It is critical that your Senators hear from you in support of the specific CRS-related provisions outlined above and S. 1992 as a whole .
Paul Edwards and Prof John Guarrera-CRS
Karen Ferguson and Karen Friedman-PRC