Posted on 10/26/2002 6:11:51 AM PDT by BigWaveBetty
President Takes Action to Protect Pensions and Retirement Security for All Americans
Presidential Action
President Bush believes that economic freedom is essential to individual success and prosperity. The President's economic agenda invests in individuals by creating jobs, expanding opportunities to save and invest, providing a good education, and helping each American own part of the American dream.
An important component of the President's economic security agenda is providing American workers and retirees new tools to protect their pensions, investments, and retirement security.
In his radio address, the President will announce the implementation of rules that require workers to receive a 30-day notification before any "blackout" restrictions are placed on their 401(k) plans.
On October 21, 2002, the Department of Labor will issue regulations implementing the new notice provisions, providing important protections to workers and retirees with investments in 401(k) plans. The regulations provide both interim-final rules and a model notice to assist plans in carrying out their responsibilities. Under the new rules:
Workers will receive notice 30 days before any restrictions are placed on their ability to direct investments, take loans, or obtain distributions from their 401(k) plans.
Companies with employer stock in their 401(k) plan will receive the same notice so corporate insiders will know they cannot sell stock in the company or exercise stock options when the workers in the 401(k) plan are restricted from doing so.
The notice to employees must include the reasons for the blackout period; its beginning and ending date; and, if the ability to direct investments is suspended, a statement that participants should evaluate their current investments in light of their inability to direct or diversify assets during the blackout period.
Failure or refusal to provide the required notice will result in a civil penalty.
The rule will be effective on the earliest possible date under the statute, January 26, 2003 (180 days after enactment of the Sarbanes-Oxley legislation). The Securities and Exchange Commission is also working on a new rule scheduled to take effect early next year that will bar corporate executives from trading their stock when their rank and file workers are prevented from selling theirs.
Unfinished Business
The President has proposed other important, commonsense proposals to help protect the retirement savings of American workers:
Allowing workers to diversify their investments in employer stock after three years.
Providing workers quarterly benefit statements that explain the value of diversified investments.
Giving workers better access to much-needed investment advice from professional advisers acting in the workers' best interest. These remaining provisions passed the House of Representatives on April 11, 2002. Unfortunately, the Senate has failed to act on these important initiatives.
To learn more about the President's comprehensive economic security and corporate accountability agenda please visit www.whitehouse.gov
Click link to see GOP response to dim Social Security cartoon.
Chelsea Clinton and Belvedere boyfriend Ian Klaus are out of their New York apt. Word is they are back at Oxford, where she's living alone in digs at University College. Chelsea and Ian wanted to share a flat in the town, but Bubba's security people said no, that she's safer behind the gates of the college. ...
Does it strike anyone else as ODD that ANYONE in the industry, especially a former Chairman would end up on a jury?
E - I have to admit to ignoring most lawyer-commentators on TV, but it goes without saying that the ones I least want to see or hear are Geragos and Van Susteren! Yecchh.
A DEMOCRATIC Party operative who worked as an advance man for Hillary Rodham Clinton for eight years says she regularly used "goon squads" to subdue anti-Clinton demonstrators. Patrick Halley writes in his new book, "On the Road with Hillary" (Viking), that the goons would be "sprinkled" throughout the crowd at Hillary’s appearances "so there was always someone able to respond quickly," reports NewsMax.com. Halley says he’s proud that none of them got arrested, though one group from the longshoremen’s union did get a little rough. Page Six
Page Six also hears ... THAT Al and Tipper Gore will be at the 92nd Street Y on Nov. 13 to hawk their books, "Joined at the Heart: The Transformation of the American Family" and "The Spirit of Family," to fawning supporters.
And we all hate when this happens:
IN what could be the newest crusade for PETA, Courtney Love has been telling pals that she’s devastated over the bizarre death of her Pomeranian. Apparently, several years ago when Love had her breast implants removed, she kept them as "souvenirs." All was fine until her dog ate one of the souvenirs and keeled over. "They weren’t her implants, they were bootleg implants from Mexico," Love’s rep said. "The dog ate one and died."
Who'd have thunk it? Just as gubernatorial candidate Carl McCall is begging Democratic National Chairman Terry McAuliffe for campaign funds, McCall's former rival, Andrew Cuomo, is riding to the rescue.
On Tuesday, Cuomo is throwing a fund-raiser for McCall at the Beacon Restaurant on W. 56th St. The onetime McCall-basher has given the candidate the maximum contribution of $30,700. Cuomo is also starting to dole out some of the nearly $1.5 million left in his campaign war chest. He's given $25,000 to the Democratic Rural Conference and $65,000 to party candidates around the state, according to a Cuomo rep.
The ex-candidate even showed up last week at a fund-raiser for Harlem Rep. Charlie Rangel - who, during Cuomo's campaign, belittled Cuomo's wife, Kerry, and suggested he might vote for Gov. Pataki if McCall lost to Cuomo.
All of this suggests Cuomo is doing his best to repair his relationship with the state party, whose convention he boycotted during the summer. "Andrew made a commitment to support McCall," says one Cuomo friend. "He wants to show Democrats he'll work for the party." NY Daily News.
And other stuff from the Daily News, in case you were wondering:
VH1 execs are vehemently denying talk they've abandoned Liza Minnelli's show because her husband, David Gest, wanted to call the shots. A VH1 rep says "Life With Liza and David" is "a go for January."
Julia Roberts and Jennifer Lopez have not - repeat not - ordered up babies. Published reports claimed that adoption was on the minds of Roberts and hubby Danny Moder, as well as Lopez and boyfriend Ben Affleck. Reps for all parties call the stories rubbish.
Well, I certainly feel better now.
Not to worry, half a glass and I'm giddy. ;-)
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