Washington ? President Bush on Friday unveiled his plan to prevent future pension fund meltdowns, prompting an immediate political and economic debate about whether the changes were enough to keep workers from losing their life savings in future Enron Corp.-style debacles.

Bush said his pension reform plan would grant workers the same protections as a company’s executives, but Senate Majority Leader Tom Daschle immediately called the proposal inadequate, warning that it could instead increase the risks that employees and shareholders face.

Daschle said Democrats would soon offer a “much tougher and more comprehensive” alternative, thus setting the stage for a high-profile, election-year fight between the Democratic Senate and the Republican White House.

Bush’s plan, which he touted Friday at a West Virginia retreat for GOP leaders, would allow employees to sell company stock in their 401(k) accounts after three years. It also would make companies more liable for losses during so-called “blackout” or lockdown periods such as the one that kept Enron employees from selling their shares when the company’s stock plummeted last fall.

In addition, executives would be barred from selling any of their company stock during lockdown periods, which are typically declared when a company changes pension plan administrators. Enron executives’ sale of company stock during its two-week lockdown has raised particular ire among rank-and-file workers, who were helpless to follow suit.

“The plan will ensure that company executives be bound by the same blackout restrictions they impose on their workers,” Bush said. “If it’s OK for the sailor, it ought to be OK for the captain.”

Bush’s plan would require that companies give 30-day notice before such lockdowns and provide more frequent reports about their 401(k) plans. Bush also wants to allow 401(k) plan providers to give workers retirement advice.

As details of Enron’s collapse emerge, the Bush White House has become increasingly defensive about its ties to Enron and the public perception that it’s too cozy with big business. On Friday, Bush avoided referring to Enron by name, but resorted to populist rhetoric as he promoted his pension reform plan.

About 42 million workers own 401(k) retirement accounts, with $2 trillion in total assets. The plans allow workers to put aside money tax-deferred for retirement, with companies often matching employee contributions sometimes in company stock.

Many of the large corporations that match with stock also restrict workers’ ability to sell those shares, essentially forcing them to remain invested in the company.

While Bush’s plan would make it easier for workers to sell stock, some groused it may not go far enough in preventing employees from voluntarily overloading their 401(k) accounts with company shares. Many Enron employees voluntarily bought company stock for their 401(k)s. Companywide, the plan had 62 percent of its assets in Enron stock now virtually worthless.

Critics also panned Bush’s plan for 401(k) providers to give investment advice. They said that approach could compound the risks to workers and shareholders by allowing them to be steered into investments in which their advisers may have a financial stake.

Employer groups applauded Bush for not advocating limits on how much workers can invest in company shares.