WASHINGTON — The House voted Wednesday to increase how much money people can invest each year in tax-deferred savings and retirement accounts.

        The 407-24 vote demonstrated the political appeal of pension reform, which has been endorsed by the House six times in the past two years. But its future is again in doubt in the Senate, where it has not advanced.

        Rep. Rob Portman, R-Ohio, who co-sponsored the pension bill with Rep. Benjamin Cardin, D-Md., was optimistic that the legislation would become law this year. The package would cost $52 billion over 10 years.

        “We need to do all we can to expand personal savings in this country,” Mr. Portman said. “We need to do all we can to expand retirement security.”

        The bill would increase annual contribution limits to Individual Retirement Accounts from $2,000 a year to $5,000 a year by 2004. People older than 50 would be able to invest $5,000 a year by 2002. Annual employee contribution limits to 401(k) and 403(b) retirement plans would increase from $10,500 to $15,000 by 2006, while workers over 50 could save an additional $5,000 a year.

        The bill also would allow workers who switch jobs to transfer their savings between retirement plans and would reduce the vesting requirement — the tenure required for workers to receive benefits from a pension plan — from five years to three years.

        The ERISA Industry Committee, which represents some of the nation's largest employers, recommended that Congress act before the 76 million baby boomers reach retirement.

        “Time is the most important factor in preparing for retirement, and time is running out,” the committee's president, Mark Ugoretz, said.

        Rep. John Boehner, R-Ohio, chairman of the House Education and Workforce Committee, said the bill would encourage savings.

        “This bill will help baby boomers and younger workers set aside more of their income so they can enjoy financial security,” he said.

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