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Congress Mulls 401(k) Security Amid Crisis

Law360 (October 6, 2008, 12:00 AM EDT) -- The nation's economic crisis is decimating 401(k) plans, as Americans raid their retirement funds for cash infusions while market losses take their own toll, Rep. George Miller, D-Calif., told the Committee on Education and Labor Tuesday.

The U.S. House of Representatives' Labor Committee took up the issue of retirement security on Tuesday, hearing from a panel of economic experts, several of whom said 401(k) plans – or at least the way workers manage them – are ill-suited to today's tumultuous markets.

Rep. Miller, who chairs the...
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