Wednesday, March 6, 2002

Candidate announces 401K plan Republican congressional candidate William Coit announced last week his 401K employee pension reform plan. "I'm deeply saddened by the loss of employee 401K pension plans in the collapse of Enron and I will initiate legislation to safeguard American citizens from losing their life savings," he said. "My plan focuses on three problems inherit in the present system." Coit said he would replace company officials who oversee employee retirement accounts with independent trustees, would eliminate the restrictions that prevent employees from selling their shares, and would place a limit on 401K assets to a maximum of 15 percent in any one stock. "The successful passage of this legislation would protect employees from the negligence of management and provide security for the investment community," Coit said. He is a candidate for Congress in District 13, which includes a portion of north Fayette. What do you think of this story? Click here to send a message to the editor. Back to the News Home Page| Back to the top of the page