Windows XP Professional service pack 1 with Microsoft Office 2000 Small Business

Microsoft KB article 235861 provided the fix:
(Warning!! this is only for XP! there are fixes for other versions of Windows on original document)

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1. Click Start, and then click Run.
2. In the Open box, type regedit, and then click OK.
3. Locate and then click the following registry key:

HKEY_CURRENT_USER\Software\Microsoft\Protected Storage System Provider
4. In the Save in box, select a location where you want to save the 
Registration Entries (the .reg file).
5. In the File name box, type a file name, and then click Save.
6. On the File menu, click Exit.
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1. Quit all programs.
2. Click Start, and then click Run.
3. In the Open box, type regedit32, and then click OK.
4. Locate and then click the following registry key:

HKEY_CURRENT_USER\Software\Microsoft\Protected Storage System Provider
5. On the Edit menu, click Permissions.
6. Click the registry key for the user that is currently logged on, 
and verify that Read and Full Control are both set to Allow.
7. Click the Advanced button, ensure that user that is currently 
logged on is selected, that Full Control is listed in the Permissions
 column, and that This Key and Subkeys is listed in the Apply to column.
8. Click to select the Reset permissions on all child objects and 
enable propagation of inheritable permissions check box.
9. Click Apply, and then click Yes when you receive a prompt to continue.
10. Click OK two times.
11. Expand the Protected Storage System Provider key, click the user 
subkey folder that is directly below the Protected Storage System 
Provider key, click Delete on the Edit menu, and then click Yes in 
the warning message dialog box.

The user subkey folder looks similar to the following example:

S-1-5-21-124525095-708259637-1543119021-16701

NOTE: For every identity that you have, there may be a subkey 
under the Protected Storage System Provider key. To resolve this issue 
in all of your identities, you must delete all of the user subkeys 
folders under the Protected Storage System Provider key.
12. On the File menu, click Exit, and then restart your computer.
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1. Click Start, and then click Control Panel.
2. Double-click the Mail or Mail and Fax icon.
3. Click Internet E-mail in the Services list, and then click Properties.
4. On the Server tab, type the password and click to select the 
Remember Password check box.
5. Click OK two times.
6. Quit Control Panel.
7. Start Outlook, and then use the Send and Receive command to test 
whether your password is retained.

NOTE: If other Windows XP users are having password retention issues, 
re-enter the password, and then select the Remember Password check 
box for those profiles. Each user may have to log on for their 
password to be retained.
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one discussion group mentioned Q290684 which doesn't seem to be available anymore
another mentioned Q259416 which is also not available