Political Quotes

“I would argue that the proposal offered by my good friend, the gentleman from California (Mr. George Miller), does in fact go way too far. Let me point out several of those differences. As the gentleman said, when it comes to company-matched stock in a 401(k) plan, companies today can require you to hold that until such time as you retire, not allowing you to take the company match and to convert it into some other type of stock or bond, or cash for that matter, within the account. And so the gentleman from California has a 3-year limit that would go into effect at the signing of the bill, but after that there is no holding period at all. The underlying bill, beyond the 5-year phase-in, has a 3-year rolling average. Any new matched company stock, the maximum it could be required to be held by the company is 3 years. Many employers are already doing it on their own, doing 1 year, doing quicker time frames. But why do we have a 3-year rolling average? Because we do not want to discourage companies from offering the company match that many do in stock today.”