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The government and your pension.

Publication: The Washington Times
Publication Date: 08-FEB-02 		Format: Online - approximately 965 words
Delivery: Immediate Online Access
Full Article Title: The government and your pension.(EDITORIALS)

Article Excerpt
Byline: THE WASHINGTON TIMES

In the unfolding aftermath of the Enron bankruptcy debacle, the question is not whether Congress and the White House will enact some form of pension reform. That is a virtual certainty. The real question is whether that "reform" will prove to be counterproductive in the long run. It is crucial that any reform whose intent is to protect the golden nest eggs of workers' retirement savings does not kill the goose of wealth creation.

President Bush has offered reasonable proposals that would preserve the massive benefits inherent in today's defined-contribution pension systems represented by the popular - and, overall, immensely successful - 401(k) plans. Unfortunately, the momentum behind many Democratic proposals threatens to push the issue of pension reform in precisely the wrong direction.

Today, about 42 million American workers own 401(k) plans whose assets total $2 trillion. In...

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