President Bush Visits The Printer Inc., Promotes Retirement & 401(k) Reform
Press release from the issuing company
March 4, 2002 -- (WhatTheyThink.com) -- On Friday, President George W. Bush talked up his proposal for personal retirement accounts visiting The Printer Inc. located in Des Moines, Iowa. It’s the second printing company Bush has visited to tout his domestic agenda. In October, he visited Dixie Printing and Packaging in Maryland to promote tax relief for small businesses.
Bush spoke to over 300 who packed the shop floor at The Printer Inc. According to transcripts, he praised the firm’s flexible and popular retirement plan. Employees stood with elected officials, reporters and twenty employees were able to stand behind the president during his speech. A banner hung which said, "Protecting Workers' Pensions."
Bush wants Congress to pass changes that would allow workers to sell company stock in 401(k) plans and diversify their holdings. He called for requiring companies to inform workers more thoroughly about their investments and wants to prohibit executives from selling company stock if workers can’t do the same.
"Companies that contribute stock to employee 401(k)s should not be permitted to lock their employees into owning that stock for years and years. Company officers should not be allowed to sell their own company stock when workers cannot. Even when people are saving enough, they need to feel more secure about the laws protecting their savings. In recent months, we've seen how workers can lose a lifetime's worth of savings if their company were to fail,” said Bush.
The Printer Inc. offers a 401(k) program to its 150 employees. Bush said The Printer Inc. should be an example to small businesses in the way company managers encourage their employees to participate in a 401(k) program.
The company is owned by brothers, William and Martin Benskin. The Printer, Inc. ships between 800 and 1,100 orders a day to clients across the country for large insurance, real estate and financial institutions.
Their facilities consist of a 60,000 square foot print production facility; a 20,000 square foot fulfillment, distribution and direct-mail center; and an additional 30,000 square feet of warehouse space.
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