Urge your senators to support S. 1992 for retirement security reform that will help prevent future Enrons and strengthens workers' rights and protections.

Dear [ Decision Maker ] ,

The spectacular collapse of Enron has exposed a corporate culture rife with conflicts of interest and abuses of workers' trust. It also is a wake-up call about the dangers of relying too heavily on private accounts for retirement security. Defined-contribution plans, such as 401(k) plans, are no substitutes for pensions. But the growth of these plans demands comprehensive reform to prevent future abuses.

Please support S. 1992, Protecting America's Pensions Act of 2002. It is an important step to meaningful 401(k) reform that strengthens workers' rights and protections. The bill provides real retirement security by recognizing that if a company does not provide a defined-benefit plan that is guaranteed by the federal government--a real pension--it must be more prudent in designing the 401(k) plan offered to its workers. The bill also combines a broad right to sell company stock in a 401(k) plan with important counterweights to employer efforts to encourage, induce and seduce workers into buying company stock against their own best interest. S. 1992 also ensures that workers have an equal voice in running their 401(k) and other defined-contribution retirement plans.

In addition, the bill encourages employers to offer independent investment advice to workers; gives workers a right to know when executives are selling their stock; requires companies to send quarterly statements and a warning when a workers' individual retirement account includes more than 20 percent of company stock; and requires advance notice of administrative lock downs and prohibits them from being unreasonably long.

I urge you to support S. 1992--an important step forward for retirement security.

Sincerely,

Campaign Launched:
April 02, 2002