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AND THE RETIREMENT UNIVERSAL SECURITY
ARRANGEMENTS ACT OF 1985

HEARING

BEFORE THE

SUBCOMMITTEE ON
LABOR-MANAGEMENT RELATIONS

OF THE

COMMITTEE ON EDUCATION AND LABOR

HOUSE OF REPRESENTATIVES

NINETY-NINTH CONGRESS

SECOND SESSION

ON

H.R. 3098 and H.R. 3594

HEARING HELD IN WASHINGTON, DC, ON FEBRUARY 25, 1986

Serial No. 99-133

Printed for the use of the Committee on Education and Labor

U.S. GOVERNMENT PRINTING OFFICE

63-953 O

WASHINGTON : 1986

For sale by the Superintendent of Documents, Congressional Sales Office

[graphic]

AND THE RETIREMENT UNIVERSAL SECURITY ARRANGEMENTS ACT OF 1985

HEARING

BEFORE THE

SUBCOMMITTEE ON
LABOR-MANAGEMENT RELATIONS

OF THE

COMMITTEE ON EDUCATION AND LABOR

HOUSE OF REPRESENTATIVES

NINETY-NINTH CONGRESS

SECOND SESSION

ON

H.R. 3098 and H.R. 3594

HEARING HELD IN WASHINGTON, DC, ON FEBRUARY 25, 1986

Serial No. 99-133

Printed for the use of the Committee on Education and Labor

U.S. GOVERNMENT PRINTING OFFICE

63-953 O

WASHINGTON : 1986

For sale by the Superintendent of Documents, Congressional Sales Office

COMMITTEE ON EDUCATION AND LABOR

.

AUGUSTUS F. HAWKINS, California, Chairman WILLIAM D. FORD, Michigan

JAMES M. JEFFORDS, Vermont JOSEPH M. GAYDOS, Pennsylvania

WILLIAM F. GOODLING, Pennsylvania WILLIAM (BILL) CLAY, Missouri

E. THOMAS COLEMAN, Missouri MARIO BIAGGI, New York

THOMAS E. PETRI, Wisconsin AUSTIN J. MURPHY, Pennsylvania

MARGE ROUKEMA, New Jersey DALE E. KILDEE, Michigan

STEVE GUNDERSON, Wisconsin PAT WILLIAMS, Montana

STEVE BARTLETT, Texas MATTHEW G. MARTINEZ, California

ROD CHANDLER, Washington MAJOR R. OWENS, New York

THOMAS J. TAUKE, Iowa RICK BOUCHER, Virginia

JOHN R. McKERNAN, JR., Maine CHARLES A. HAYES, Illinois

RICHARD K. ARMEY, Texas CARL C. PERKINS, Kentucky

HARRIS W. FAWELL, Illinois
TERRY L. BRUCE, Illinois

PAUL B. HENRY, Michigan
STEPHEN J. SOLARZ, New York
MERVYN M. DYMALLY, California
DENNIS E. ECKART, Ohio
TIMOTHY J. PENNY, Minnesota
CHESTER G. ATKINS, Massachusetts

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A

WILLIAM (BILL) CLAY, Missouri, Chairman WILLIAM D. FORD, Michigan

MARGE ROUKEMA, New Jersey DALE E. KILDEE, Michigan

ROD CHANDLER, Washington MARIO BIAGGI, New York

RICHARD K. ARMEY, Texas CHARLES A. HAYES, Illinois

STEVE BARTLETT, Texas MERVYN M. DYMALLY, California

HARRIS W. FAWELL, Illinois CHESTER G. ATKINS, Massachusetts

JAMES JEFFORDS, Vermont MAJOR R. OWENS, New York

(Ex-Officio) AUGUSTUS F. HAWKINS, California

(Ex-Officio)

CONTENTS

116
71

50

90

102

141

48

331

340

119

347

Hearing held in Washington, DC on February 25, 1986.......

Text of H.R. 3098.

Text of H.R. 3594...

Statements of:

Anderson, William B., board member, National Federation of Independ-

ent Business and president, Matrix, Inc ....
Erlenborn, John N., representing the U.S. Chamber of Commerce
Guildroy, Jack, member, National Legislative Council of the American

Association of Retired Persons.
King, James A., director of industrial relations, Borden Co., representing

the National Association of Manufacturers
McCormick, Deane E., president, Association of Private Pension & Wel-

fare Plans and staff vice president for taxes, Litton Industries....
Naughton, John M., executive vice president, Massachusetts Mutual Life

Insurance Co., representing the American Council of Life Insurance.....

Shannon, Amy, research associate, Pension Rights Center, accompanied

by Karen Ferguson, director, Pension Rights Center...

Swain, Frank S., chief counsel for advocacy, U.S. Small Business Admin-

istration .....

Prepared statements, letters, supplemental materials, et cetera:

American Academy of Actuaries, subcommittee on single employer plans,

statement of ........

American Bankers Association, statement of.

Anderson, William B., president, Matrix, Inc., on behalf of the National

Federation of Independent Business, prepared statement of...

BellSouth Corp., statement of...

Chandler, Hon. Rod, a Representative in Congress from the State of

Washington, opening statement of...

Duffy, Capt. Henry A., president, Air Line Pilots Association, prepared

statement of .....

ERISA Industry Committee, the, Washington, DC, written statement of ....

Erlenborn, John N., representing the U.S. Chamber of Commerce, pre-

pared statement of .

Guildroy, Jack, member, National Legislative Council, American Associa-

tion of Retired Persons, prepared statement of....

Hoffman, William S., Ph.D., director, Social Security Department, Inter-

national Union, UAW, statement of....

Investment Company Institute, the

Kass, Dennis, assistant secretary for Pension and Welfare Benefit Admin-

istration, statement of ..

King, James A., assistant general counsel, Borden, Inc., on behalf of the

National Association of Manufacturers, prepared statement of.

Loyd, Laymond B., president, Loyd Pension Services, Edmond, OK, letter

to Chairman Hawkins, dated March 5, 1986...

McCormick, Deane E., president, Association of Private Pension & Wel-

fare Plans, prepared statement of..

McGlotten, Robert, director, Department of Legislation, American Feder-

ation of Labor and Congress of Industrial Organizations, letter to

Chairman Clay, dated March 10, 1986

Naughton, John M., executive vice president, Massachusetts Mutual Life

Insurance Co., on behalf of the American Council of Life Insurance,

prepared statement of

Roukema, Hon. Marge, a Representative in Congress from the State of

382

344

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