Retirement Relief
Congress is making it easier for entrepreneurs to offer pensions.
It looks like Congress will lift the heaviest sections of the "top heavy" rules that stop many small businesses from offering pension plans. But that's only one of the reforms in a bill (H.R. 1102) that was working its way through Capitol Hill at the end of the 2000 session. The bill passed the House on July 19 by a vote of 401-25, making passage by the Senate a near certainty. Ditto for President Clinton's signature.
"Reform is critical if we are to encourage businesses to offer a pension benefit now, while many workers still have time to build for their retirement," says Bruce Josten, executive vice president of the U.S. Chamber of Commerce. "Without reform, more workers will be forced to rely on Social Security, which is already facing financial difficulty."
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