There has been an effort by various members of Congress over the past few weeks to attach parts of the Enron-inspired pension legislation to the accounting reform bill which moved swiftly through Congress. Although most of the proposed pension legislation was not included, the accounting reform bill signed into law by the President on Tuesday, July 30, 2002, included three provisions affecting pensions. Specifically, the provisions are a new blackout notice requirement, a restriction on insider trading during a blackout, and increased ERISA penalties. [Sarbanes-Oxley]

ASPPA's Government Affairs Committee has worked closely with congressional staff in order to perfect the legislative language as much as possible. 

On July 11, 2002, the Senate Finance Committee reported out pension legislation in repsonse to Enron by voice vote (without dissent). In March, the Senate Health, Education, Labor, and Pension (HELP) Committee reported out its pension bill by a vote of 11-10, along party lines. The differences between these bills will have to be resolved before full Senate consideration. The full Senate is currently scheduled to take up this legislation in September.

On Friday, June 21, 2002, the House of Representatives voted to permanently extend pension reform provisions. Thank you to the over 1,350 members who contacted their representative and asked for their support of H.R. 4931, the bill to permanently extend the pension reform provisons of EGTRRA. The bill passed the House by a vote of 308 to 70.