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Representatives Rob Portman and Ben Cardin

Congress enacted the Portman/Cardin Comprehensive Retirement Security and Pension Reform Act as part of the 2001 tax relief act. This landmark pension legislation, introduced as H.R. 10 in the 107th Congress, increased 401(k) and IRA savings limits, instituted catch-up contributions for older workers, enhanced pension portability through reduced vesting and removal of rollover barriers, encouraged small business pension coverage and simplified pension regulation. The new Portman/Cardin Pension Preservation and Savings Expansion Act builds on these important reforms by making the next generation of improvements to our nation’s savings and pension systems. With adoption of these new proposals, Congress will provide individuals and families with a number of important new savings tools, will further strengthen and expand the employer-sponsored retirement system, will offer important new protections to retirement plan participants and will assist retirees in managing and preserving retirement assets and income. The Pension Preservation and Savings Expansion Act contains important reforms in the following areas:

Savings Assistance

Pension Expansion
Preservation of Retirement Income

Last Updated: 9/23/2012 10:05:00 PM