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Pensions

The departments of Labor and Treasury are simplifying the rules and regulations that ensure company pension plans are financially secure. Under the new rules, companies file less paper and do less mind-numbing math. More small businesses will be able to start pension plans covering more workers. And the workers can feel more secure than ever that their money will be there when they reach retirement age.

In August, President Clinton signed legislation to provide better pension coverage and security for workers. The new law expands opportunities to save for retirement. It improves the protection of pensions and removes obstacles facing many workers who want to bring their retirement savings with them when they change jobs. It also simplifies the pension rules to make it easier for small businesses to set up and run pension plans. Ten million workers in small businesses could benefit from the new, simplified 401(k)-type plan -- no red tape, just a simple form.

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