(MONEY Magazine) – In the weeks after Enron unraveled, exposing (among other things) the risks of holding too much company stock in one's 401(k), lawmakers raced to propose caps on such contributions or ways to otherwise protect workers' nest eggs. But as various proposals wend their way through Capitol Hill, many employers are beating Congress to the punch. "Perhaps because they see the handwriting on the wall," says Ken McDonnell of the Employee Benefits Research Institute.

Indeed, a recent survey by Hewitt Associates of nearly 300 large companies found that 62% have eased company-stock trading restrictions or are likely to ease them this year. These moves are always viewed as improvements for participants--but it's worth noting that sooner would have been better: In many cases, the company's stock price had fallen from its 52-week high by the time the new policy went into effect:

AOL Time Warner down 59%

Disney down 31%

BellSouth down 11%

Mellon Financial down 23% Qwest down 82%.

--JUDY FELDMAN