See if these articles help fix it:
Save Password Check Box Is Unavailable
http://support.microsoft.com/support/kb/articles/q137/3/61.asp
Damaged Password List File Does Not Save Passwords
http://support.microsoft.com/support/kb/articles/q135/1/97.asp
Windows 95 Password List Update (does not apply to Win98)
Enhanced Encryption for Windows 95 Password Cache
http://support.microsoft.com/support/kb/articles/q132/8/07.asp
Dial-Up Networking Password Is Not Saved
http://support.microsoft.com/support/kb/articles/q148/9/25.asp

Signature
Jim Pickering, MVP-Outlook Express
Please reply only to the newsgroup.
Scott <scott@buildercomputers.com>
wrote in 028001c39fdd$c5a46520$a101280a@phx.gbl:
> After running a PC to PC transfer appliation, Outlook
> Express will not retain the password on the new PC running
[quoted text clipped - 6 lines]
>
> Scott Thompson