Many features of the Bill are desirable and, if enacted, will not only be beneficial to employees and employers but will also help eliminate the causes which produce much of the adverse criticism of the private pension retirement system. There are, nevertheless, some features of the Bill which should be modified before enactment and the foregoing comments have been made in an effort to improve the Bill in this regard. We submit that with respect to the funding, insurance and portability portions of this legislation there is no compelling reason for Congress to act hastily. Accordingly, we particularly urge that action with respect to insurance of pension plan benefits be deferred pending the outcome of the study of plan terminations by the Administration. Please incorporate our endorsement of the statement filed by H.C. Biegel and J.A. Cardon on behalf of Lee, Toomey & Kent in connection with S. 3598 in the record of hearings on the bill. Very truly yours, J. B. McGovern/kd Vice-President Personnel Honorable Harrison A. Williams, Jr. Chairman, Committee on Labor and Public Welfare Dear Senator Williams: Ford Motor Company endorses the written statement on S. 3598, submitted to you by Mr. John A. Cardon and Mr. Herman C. Biegel and we request that this letter appear in the written record following the Lee, Toomey & Kent statement. We would like to underline the portion of that statement which points out the considerable progress and accomplishments of the private retirement plan system. We believe it has been highly unfortunate that the problems of a relatively few plans have been used to discredit the record of all private plans. We oppose many aspects of S. 3598, as the Lee, Toomey & Kent statement points out, because the Bill's sweeping changes would harm a system that has generally worked well. We have reviewed very carefully the written statement concerning S. 3598 which was forwarded to you on July 5, 1972 by John A. Cardon, Esq. and his partner Herman C. Biegel, Esq. on behalf of Lee, Toomey and Kent. Inasmuch as the limitation of time and the number of witnesses wishing to testify prevented you from scheduling appearances by individual companies, we would appreciate it greatly if you will note for the committee record that Westinghouse Electric Corporation endorses and supports Mr. Cardon's testimony. We would hope particularly that the committee will give consideration to modifying the present vesting provisions of S. 3598 so that employers such as Westinghouse which have favorable vesting provisions (full vesting after 10 years service and age 35) may continue to maintain such provisions rather than being compelled to adopt other less desirable provisions such as that presently contained in S. 3598 or the "Rule of 50" contained in H.R. 12272. Your cooperation in incorporating our endorsement of Mr. Cardon's statement in the committee record will be very much appreciated. CC: John A. Cardon, Esq. Yours very truly, Contr R. D. Blasier 82-079 72 - pt. 3 - 26 My dear Senator Williams: Mr. John A. Cardon sent me a copy of Lee, Toomey & Kent's written statement regarding S 3598 which he mailed to you on July 5, 1972. On behalf of Gulf Oil Corporation, I endorse the contents of that statement and request that you incorporate our endorsement in the record of hearings on the bill. Very truly yours Jury Jouiry y RUSSELL G. CONNOLLY CC: John A. Cardon, Esq. Lee, Toomey & Kent 1200 Eighteenth Street, N.W. Washington, D.C. 20036" |