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Gold/Mining/Energy : Gold Bullion in Retirement Plans
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To: banco$ who wrote (7)2/12/1999 9:23:00 PM
From: banco$   of 11
 
White House Seeks to Ease Retirement-Fund Transfers

by a Wall Street Journal Staff Reporter
Washington - The Clinton administration plans to propose tax-law changes to help workers who change jobs transfer retirement-savings accounts to new employers.

Currently, many workers employed by state and local governments or non-profit institutions are barred from making such transfers to retirement plans of private-sector employers. As part of a pension-reform initiative that Vice President Al Gore is scheduled to announce today, the administration will propose eliminating the barriers. While the number of potential beneficiaries isn't expected to be great, the administration is pressing the plan to promote the principle of pension portability.

The administration also will propose that all workers be allowed to transfer holdings in individual retirement accounts to most employer-run 401(k)-style plans. That would help individuals track their retirement funds and possibly reduce management fees, the administration says. The proposals must be approved by Congress, where similar plans have been proposed in the past.

The administration's main goal is to encourage continued savings for workers who job-hop. Workers often cash in their 401(k) accounts despite penalties.

(WSJ, Feb. 11, pg. C12)
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