James Norton: “I want particularly to thank President Clinton, whose leadership has been at the forefront of this concept. Madam…”

“I want particularly to thank President Clinton, whose leadership has been at the forefront of this concept. Madam Speaker, I would like to say that this concept represents precisely what we ought to be doing with retirement. We are not taking any money from the social security trust fund to get this done. What we are doing is encouraging people, through incentives we are providing, to save their own money. That is the only way to make sure we secure the social service trust fund at the same time we do what we have not done nearly enough of, and that is to encourage the American people to stop spending so much of their money and save it. They are not doing that. We are at the lowest savings rate virtually in history. This bill encourages savings in two ways. First, it brings Federal employees into equality in rolling over their contributions into 401(k)s now, like their private sector counterparts.”