Bush Promises To Help With Retirement Savings
President Bush is promising government action to help people save for retirement. In his weekly radio address, Bush acknowledged the turbulence in the financial markets, with 40 million Americans now saving for retirement through 401(k) plans. And with the stock market losing trillions in value during the economic downturn, the president said, “this is real money for real workers and we must do all we can to help make sure it´s there for them when they retire.”
Bush announced a new rule that requires that 401(k) participants be given 30 days´ notice before being locked out of buying or selling in their accounts for administrative changes. Also,
corporate executives will no longer be allowed to sell their stock during blockout periods.
Bush says the move will help ensure that workers don´t get stuck in a bad investment simply because their employers block them from accessing their own accounts.