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The Administration strongly supports H.R 3762, which encompasses
important principles outlined in the President's retirement
security plan. Like the President's plan, this bill would strengthen
workers' ability to manage their retirement funds by giving
them more freedom to diversify their investments and better
information for making savings and investment decisions, including
access to professional investment advice. It would ensure that
senior executives are subject to the same restrictions as other
workers during temporary blackout periods and would clarify
an employer's fiduciary responsibility during such periods.
In addition, the bill contains other important provisions that
will help strengthen America's private retirement system. The
Administration looks forward to working with Congress to ensure
that the cost of a final bill is consistent with the President's
budget.
The Administration will oppose legislation that discourages
employers from sponsoring and making contributions to retirement
plans for American workers and their families. Proposals that
would impose arbitrary caps on the assets an individual chooses
to hold in an account, mandate elections of joint trustees,
or encourage litigation through expanded ERISA remedies could
result in lower retirement savings for American workers.
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