ROANOKE TIMES 

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, May 17, 1990                   TAG: 9005170082
SECTION: BUSINESS                    PAGE: B-9   EDITION: METRO 
SOURCE: 
DATELINE: WASHINGTON                                LENGTH: Short

DOLE URGES PENSION PLAN SAVING LAW

Labor Secretary Elizabeth Dole moved Wednesday to force Americans making a career change to transfer their pension benefits to a new retirement account rather than spending the cash. The proposal would have to be approved by Congress.

Dole said 80 percent of Americans who receive retirement savings in a lump sum when they change jobs spend it rather than put it in a new retirement plan.

Under Dole's plan to promote "pension portability," a worker's former employer would be required to transfer pension savings to the worker's new pension plan or an Individual Retirement Account.

- Associated Press 


 by CNB