WELFARE AND PENSION PLAN LEGISLATION HEARINGS BEFORE THE GENERAL SUBCOMMITTEE ON LABOR OF THE COMMITTEE ON EDUCATION AND LABOR HOUSE OF REPRESENTATIVES NINETY-THIRD CONGRESS FIRST SESSION ON H.R. 2 and H.R. 462 BILLS TO REVISE THE WELFARE AND PENSION PLANS HEARINGS HELD IN WASHINGTON, D.C., FEBRUARY 20, 21, 22, 27, 28; MARCH 1, 6, 7, 8, AND 20, 1973 95-931 Printed for the use of the Committee on Education and Labor CARL D. PERKINS, Chairman U.S. GOVERNMENT PRINTING OFFICE WASHINGTON: 1973 COMMITTEE ON EDUCATION AND LABOR CARL D. PERKINS, Kentucky, Chairman FRANK THOMPSON, JR., New Jersey ALBERT H. QUIE, Minnesota EDWIN B. FORSYTHE, New Jersey JACK F. KEMP, New York PETER A. PEYSER, New York GENERAL SUBCOMMITTEE ON LABOR PHILLIP BURTON, California WILLIAM (BILL) CLAY, Missouri JOSEPH M. GAYDOS, Pennsylvania MARIO BIAGGI, New York ROMANO L. MAZZOLI, Kentucky DOMINICK V. DANIELS, New Jersey JAIME BENITEZ, Puerto Rico JOHN N. ERLENBORN, Illinois RONALD A. SARASIN, Connecticut (II) Abel, I. W., President, United Steelworkers of America__ Albright, Robert A., vice chairman, employee benefit committee, N.A.M., accompanied by J. Kenneth Schweiger, director, employee Bailey, James, legislative representative, International Brotherhood 426 Bassett, Preston C., F.S.A., vice president and actuary, and John W. 301 337 742 128 448 Cairns, Robert W., executive director and Stephen T. Quigley, Giesecke, Raymond H., chairman of the board, Mc Graw-Edison & 659 Gillette, Robert J., president, Aetna Capital Management, Inc. Hartke, Hon. Vance, a U.S. Senator from the State of Indiana Helganz, Arthur J., chairman, American Institute of Certified Public Hubbard, Buckley, Jr., vice chairman, NALU Federal Law and 161 233 534 94 490 Hunter, Douglas B., second vice president, Connecticut General Life 468 Jennings, Paul, president, International Union of Electrical, Radio 415 King, Stanley, director of human resources, A.T. & T.; accompanied 394 Statement of-Continued Long, Hon. Clarence D., a Representative in Congress from the State of Maryland_. Page 645 Martin, John H., vice president, Litton Industries, Beverly Hills, 621 Matthews, Bruce, director of benefits, Montgomery Ward, accom- 379 187 Meeds, Hon. Lloyd, a Representative in Congress from the State of 503 43 Mudge, John T., vice president, Pensions, and Profit Sharing Nash, Bernard E., executive director, and Cyril F. Brickfield, legisla- Nathanson, Paul, executive director, National Senior Citizens Law Nyhart, Eldon H., president, H. E. Nyhart Co., Inc., Indianapolis, Paul, Robert D., president, Martin E. Segal Co- Raff, David, director, Clinical Program in Employee Rights, New Robbins, Paul H., executive director, National Society of Professional 344 249 359 29 541 59 510 119 323 Thompson, John P., chairman of the board, Southland Corp., accompanied by Walton Grayson III, executive vice president; and Stanley C. Simon, counsel Wallace, Gordon, and Frank Cummings in behalf of Electrical Engineers, et al_. 549 353 Williams, Hon. Lawrence G., a Representative in Congress from the 737 Willis, E. S., manager of employee benefits, General Electric Co., and Winklevoss, Howard, assistant professor, Actuarial Science and Insur- Wood, Arthur, chairman of the board, Sears, Roebuck and Co., Prepared statements, letters, supplemental materials, etc. 217 79 631 Abel, I. W., president, United Steelworkers of America, supplementary statement on portability. 758 Bailey, James F., legislative advocate, United Brotherhood of Carpenters and Joiners of America, statement of ___ 432 Bassett, Preston C., vice president and actuary, John W. Fisher, vice president and manager, Towers, Perrin, Forster & Crosby, Inc., statement of.. Brennan, Hon. Peter J., Secretary, U.S. Department of Labor, letter Brickfield, Cyril F., legislative counsel, American Association of 302 206 365 Cairns, Dr. Robert W., executive director, American Chemical Cardon, John A., Lee, Toomey and Kent, Washington, D.C., state- 133 449 Carney, Hon. Charles J., a Representative in Congress from the State 76 Edwards, Hon. Jack, a Representative in Congress from the State of 213 Prepared statements, letters, supplemental material, etc Continued Profit-sharing plan form. Prospectus Profit-sharing plan. Page 708 667 669 659 Gillette, Robert J., president, Aetna Capital Management, Inc., 649 Harman, Stetson B., president, Trust Division, the American Bankers 162 Hazlehurst, Blackburn H., FSA, FCA, principal actuary, Hazlehurst. 534 96 469 Helganz, Arthur J., chairman, American Institute of Certified Public Hunter, Douglas B., on behalf of American Life Insurance Association,, Hubbard, Buckley, Jr., vice chairman, National Association of Life Jennings, Paul, president, International Union of Electrical, Radio King, Stanley, director, Human Resources, American Telephone Bell System companies, a list.. Special payments required by H.R. 2 to meet funding require- Kleiler, Frank M., Deputy Assistant Secretary, Labor Relations McGinn, Daniel F., president, Transamerica Consultants, Inc., Los 491 423 398 399 206 382 197 Meeds, Hon. Lloyd, a Representative in Congress from the State of 503 Mudge, John T., vice president, Seattle-First National Bank, Seattle, Nader, Ralph and Karen Ferguson, Public Interest Research Group, Letter from J. Vernon Ballard, Acting Director, U.S. Department 273 Letter to Chairman Dent, dated May 11, 1973, enclosing informa- Nash, Bernard E., executive director, National Retired Teachers 369 Nyhart, Eldon H., president, H. E. Nyhart Co., Inc., Indianapolis, 541 Paul, Robert D., president, Martin E. Segal Co., New York, N. Y., statement of. 55 Raff, David, director, Clinical Program in Employee Rights, New 510 317 St Germain, Hon. Fernand J., a Representative in Congress from the 732 |