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Heim, Dr. Henry J., president, District of Columbia Dental Society,

letter dated May 10, 1972, to Chairman Mills -Hiemstra, James W., Inglewood, Calif., letter dated April 28, 1972, to

John M. Martin, Jr., chief counsel, Committee on Ways and Means... Herman, Elliot A., New York, N.Y., letter dated May 15, 1972, to John

M. Martin, Jr., chief counsel, Committee on Ways and Means---Hoehn, Kenneth W., vice president and treasurer Columbia Broadcasting

System, Inc., letter dated May 9, 1972, to the Committee on Ways and

Means:
Houck, Kenneth L., assistant general counsel, Bethlehem Steel Corp.,

letter dated May 10, 1972, forwarded by Mr. Cardon..
Houston (Tex.) Bar Association, Hartford H. Prewett, president, letter

dated May 5, 1972, forwarded by Sheldon S. Cohen.-
Howard, Dr. Ernest B., executive vice president, American Medical Asso-

ciation, letter dated May 19, 1972, to Chairman Mills..
Hughes, Jim, president, Georgia Home Furnishings Representatives Asso-

ciation, letter dated May 10, 1972, to Chairman Mills-
Illinois State Bar Association, Morton John Barnard, president, letter

dated May 4, 1972, forwarded by Sheldon S. Cohen...
Indianapolis Bar Association, William J. Wood, president, letter dated

May 10, 1972, to Chairman Mills, with resolution.-
International Harvester Co., Roscoe W. Batts, vice president, industrial

relations, letter dated May 9, 1972, to the Committee on Ways and

Means
Iowa State Bar Association, Edward H. Jones, secretary, telegram dated

May 3, 1972, forwarded by Sheldon S. Cohen..
Javits, Hon. Jacob K., a U.S. Senator from the State of New York:

S. 2, a bill, Pension and Employee Benefit Act.
Extracts from “Interim Report of Activities of Private Welfare and

Pension Plan Study, 1971" (S. Rept. 92–634) -

Article, "Terminations of Pension Plans: 11 Years' Experience" Johnson & Higgins, Kenneth K. Keene, vice president and director, letter

dated May 5, 1972, to John M. Martin, Jr., chief counsel, Committee on Ways and Means, with enclosure. Johnson, Jack B., New England Life, letter dated May 11, 1972, to Chair

man Mills
Jones, Edward H., secretary, Iowa State Bar Association, telegram dated

May 3, 1972, forwarded by Sheldon S. Cohen.---
Jones, Lowell M., the Firestone Tire & Rubber Co., letter dated May 9,

1972, to Chairman Mills...
Kadison, Stuart L., president, Los Angeles County (Calif.) Bar Association,

letter dated May 3, 1972, to Ways and Means Committee. Kane, E. R., senior vice president, E. I. duPont de Nemours & Co., letter

dated May 11, 1972, to Chairman Mills -Keene, Kenneth K., vice president and director, Johnson & Higgins, letter

dated May 5, 1972, to John M. Martin, Jr., chief counsel, Committee on

Ways and Means.
Kennecott Copper Corp., Gilbert E. Dwyer, vice president, administration,

letter to John M. Martin, Jr., chief counsel, Committee on Ways and

Means.
La Chapelle, George R., president, Credit Union National Association,

Inc., statement.--
Lafollette, Mary, Alaska Bar Association, telegram dated May 5, 1972,

forwarded by Sheldon S. Cohen.
Lamon, Harry V., Jr., president, Southern Pension Conference, letter dated
May 18, 1972, to John M. Martin, Jr., chief counsel, Committee on

Ways and Means.
Lang, Virgil D., attorney, Dresser Industries, Inc., letter dated May 10,

1972, to John M. Martin, Jr., chief counsel, Committee on Ways and

Means.
Laughlin, Dr. Carl A., president, American Dental Association, letter

dated May 19, 1972, to Chairman Mills, with enclosure..
Lavercombe, Robert R., president, Cincinnati (Ohio) Bar Association,

telegram dated May 4, 1972, forwarded by Sheldon S. Cohen--Leff, Edwin E., president, Empire State Home Furnishings Representa

tives Association, Inc., letter dated May 5, 1972, to Chairman Mills----

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Le Matty, R. S., president, Blue Bell, Inc., letter dated May 17, 1972, to

Chairman Mills...
Life Insurance Association of America and American Life Convention,

joint statement-
Los Angeles County (Calif.) Bar Association, Stuart L. Kadison, president,

letter to Ways and Means Committee dated May 3, 1972.. Louisiana Home Furnishings Representatives, Mel Anish, president, letter

dated May 6, 1972, to Chairman Mills Lucas, William L., vice president-secretary, Martin Marietta Corp., letter

dated May 8, 1972, to Chairman Mills ---
Lurie, Alvin D., New York, N.Y., statement with enclosure.
Malone, John S., secretary, California Bar Association, telegram dated

May 7, 1972, forwarded by Sheldon S. Cohen.
Mann, L. K., executive vice president, Blue Bell, Inc., letter dated May 17,

1972, to Chairman Mills
Marathon Oil Co., J. W. Bruskotter, manager, employee relations, letter

dated May 15, 1972, to Chairman Mills Martin E. Segal Co., Robert D. Paul, president, statementMartin Marietta Corp., William L. Lucas, vice president-secretary, letter

dated May 8, 1972, tó Chairman Mills_ McKenna, William F., general counsel/vice president, National League of

Insured Savings Associations, letter dated May 8, 1972, to Chairman

Mills
Meyer, Henry V., Denver, Colo., letter dated May 10, 1972, to John M.

Martin, Jr., chief counsel, Committee on Ways and Means-
Michigan, State Bar of, Frederick G. Buesser, president, letter dated

May 5, 1972, forwarded by Sheldon S. Cohen..
Mobil Oil Corp., statement
Monsanto Co., W. B. Daume, director of corporate personnel, letter dated

May 10, 1972, to Chairman Mills..
Morris, E. A., chairman, Blue Bell, Inc., letter dated May 17, 1972, to

Chairman Mills.
Nabisco, Inc., D. H. Scott, vice president, letter dated May 8, 1972, to

Chairman Mills..
National Association of Manufacturers, statement-
National Home Furnishings Representatives Association, Ronald C.

Harrison president, letter dated May 16, 1972, to Chairman Mills-
National League of Insured Savings Associations, William F. McKenna,

general counsel/vice president, letter dated May 8, 1972, to Chairman

Mills
National Retail Merchants Association, James R. Williams, president,

letter dated May 18, 1972, to Chairman Mills.
National Society of Public Accountants, R. J. Passero, president, letter

dated May 18, 1972, to Chairman Mills ---
New England Home Furnishings Representatives Association, Inc., Gerald

Freedman, legislative committee chairman, letter dated May 8, 1972, to

Chairman Mills.-
New England Life, Jack B. Johnson, letter dated May 11, 1972, to Chair-

man Mills
Noble, Stanley D., president, Council of Profit Sharing Industries, letter

dated May 18, 1972, to Chairman Mills -Norton, Harold C., secretary, Alameda County (Calif.) Bar Association,

letter dated May 5, 1972, forwarded by Sheldon S. Cohen.--Passero, R. J., president, National Society of Public Accountants, letter

dated May 18, 1972, to Chairman_Mills ---
Paul, Robert D., president, Martin E. Segal Co., statement.-
Pet, Inc., J. Price Reed, vice president and director of personnel, letter

dated May 11, 1972, to Chairman Mills --
Philadelphia Bar Association, Harold Cramer, chancellor, letter dated

May 4, 1972, forwarded by Sheldon S. Cohen..
Phillips Petroleum Co., W. R. Thomas, vice president, employee relations

department, letter dated May 30, 1972, to Chairman Mills
Pittard, Dr. M. D., chairman, executive committee, Toccoa (Ga.) Clinic

Medical Associates, statement-
Prewett, Hartford H., president, Houston (Tex.) Bar Association, letter

dated May 5, 1972, forwarded by Sheldon S. Cohen..

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Reed, J. Price, vice president and director of personnel, Pet, Inc., letter

dated May 11, 1972, to Chairman Mills... Reynolds Aluminum, R. L. Adams, benefits manager, letter dated May 9,

1972, to Chairman Mills. Rocky Mountain Motor Tariff Bureau, Curtis L. Wood, member, retire

ment board, letter dated May 16, 1972, to the Committee on Ways and

Means..
Rossoff, Arthur L., chairman, Association of Long Island Engineers &

Scientists, letter dated May 19, 1972, to John M. Martin, Jr., chief

counsel, Committee on Ways and Means, with enclosure.. Schoeplein, Robert N., associate professor of economics, Institute of

Government & Public Affairs, University of Illinois, statement, on be

half of Taxation With Representation.. Scholfield, Jack P., president, Seattle-King County (Wash.) Bar Asso

ciation, letter dated May 4, 1972, forwarded by Sheldon S. Cohen. Scott, D. H., vice president, Nabisco, Inc., letter dated May 8, 1972, to

Chairman Mills ..
Seattle-King County (Wash.) Bar Association, Jack P. Scholfield, presi-

dent, letter dated May 4, 1972, forwarded by Sheldon S. Cohen Southern Pension Conference, Harry V. Lamon, Jr., president, letter dated

May 18, 1972, to John M. Martin, Jr., chief counsel, Committee on

Ways and Means.
State Universities Retirement System, Edward S. Gibala, executive sec-

retary, letter dated April 27, 1972, to John M. Martin, Jr., chief coun

sel, Committee on Ways and Means. Stevenson, Carl L., assistant vice president, Eastman Kodak Co., letter

dated May 12, 1972, forwarded by John A. Cardon.--Stewart, Samuel B., senior vice chairman of the board, Bank of America,

letter dated May 12, 1972, to Chairman Mills -Stone, Dale D., director, corporate human resources, Sun Oil Co., letter

dated May 4, 1972, to the Committee on Ways and Means. Stoops, Dale 1., president, Alameda County (Calif.) Bar Association,

telegram dated May 6, 1972, forwarded by Sheldon S. Cohen. Sun Oil Co., Dale D. Stone, director, corporate human resources, letter

dated May 4, 1972, to the Committee on Ways and Means Taggart, John Y., New York, N.Y., letter dated May 18, 1972, the

Committee on Ways and Means. Taxation With Representation:

Barry Bressler, associate professor of economics, Richmond College,

City University of New York, statement..
Robert N. Schoeplein, associate professor of economics, Institute of

Government & Public Affairs, University of Illinois, statement-
William Withers, professor of economics, Queens College, City Uni-

versity of New York, statement. Thomas, W. R., vice president, employee relations department, Phillips

Petroleum Co., letter dated May 30, 1972, to Chairman Mills.Thomson & McKinnon Auchincloss, Inc., William E. Ferguson, chairman

of the board, letter dated May 1, 1972, to John M. Martin, Jr., chief
counsel, Committee on Ways and Means...
Thore, Eugene M. Washington, D.C., letter dated May 16, 1972, to John

M. Martin, Jr., chief counsel, Committee on Ways and Means.
Toccoa (Ga.) Clinic Medical Associates, Dr. M. D. Pittard, chairman, ex-

ecutive committee, statement.-
Union Oil Company of California, Paul K. Doyle, vice president, letter

dated May 8, 1972, to Chairman Mills-
U.S. Savings & Loan League, statement-
United States Steel Corp., William G. Whyte, vice president, letter dated

May 19, 1972, to Chairman Mills..
Verity, C. William Jr., chairman, Armco Steel Corp., letter dated May 4,

1972, to Chairman Mills.
Virginia Bar Association, John S. Davenport III, president, letter dated

May 4, 1972, forwarded by Sheldon S. Cohen --
Westinghouse Electric Corp., R. D. Blasier, vice president, industrial

relations, letter dated May 10, 1972, to Chairman Mills...
Whitehurst, Hon. William G., a Representative in Congress from the State

of Virginia, letter dated May 15, 1972, to Chairman Mills, with
enclosures

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Whyte, William G., vice president, United States Steel Corp., letter dated

May 19, 1972, to Chairman Mills --
Williams, James R., president, National Retail Merchants Association,

letter dated May 18, 1972, to Chairman Mills.-
Wisely, Harold M., group vice president, Eli Lilly & Co., letter dated May

15, 1972, to Chairman Mills Withers, William, professor of economics, Queens College, City University

of New York, statement, on behalf of Taxation With Representation.Wood, Curtis L., member, retirement board, Rocky Mountain Motor

Tariff Bureau, letter dated May 16, 1972, to the Committee on Ways

and Means.
Wood, William J., president, Indianapolis Bar Association, letter dated

May 10, 1972, to Chairman Mills, with resolution.-
Wurzel, Dr. Edward M., executive director, American Association of

Medical Clinics, letter dated May 18, 1972, to Chairman Mills, with
statement.

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TAX PROPOSALS AFFECTING PRIVATE PENSION

PLANS

MONDAY, MAY 8, 1972

HOUSE OF REPRESENTATIVES,
COMMITTEE ON WAYS AND MEANS,

Washington, D.C. The committee met at 10 a.m., pursuant to notice, in the committee room, Longworth House Office Building, Hon. Wilbur D. Mills (chairman of the committee) presiding.

The CHAIRMAN. The committee will please be in order.

The committee today begins public hearings on H.R. 12272, the administration proposal relating to the tax treatment of pension plans, including plans for both employees and the self-employed, and on similar pending legislation. Without objection, we will include at this point in the record a copy of the press release announcing these hearings, a copy of the President's message, a copy of the letter from the Secretary of the Treasury, and a copy of the bill which Mr. Byrnes and I introduced at the request of the administration, along with an explanation thereof.

(The documents referred to follow :)

[Press release of Thursday, Apr. 13, 1972) CHAIRMAN WILBUR D. Mills (DEMOCRAT, OF ARKANSAS), COMMITTEE ON

WAYS AND MEANS, U.S. HOUSE OF REPRESENTATIVES, ANNOUNCES PUBLIC HEARINGS TO BEGIN MONDAY, MAY 8, 1972, ON ADMINISTRATION Tax PROPOSAL AFFECTING PRIVATE PENSION PLANS Chairman Wilbur D. Mills (D., Ark.), Committee on Ways and Means, U.S. House of Representatives, today announced that the Committee on Ways and Means would begin public hearings on Monday, May 8, 1972, on tax proposals affecting private pension plans, particularly the Administration proposal

entitled the "Individual Retirement Act" embodied in H.R. 12272, introduced by the Chairman and Congressman Byrnes of Wisconsin, at the request of the

Administration. According to the letter from the Administration transmitting its proposal, H.R. 12272 would amend the Internal Revenue Code to: (1) establish minimum standards for participation and for vesting of benefits under pension and profit sharing plans; (2) grant deductions to individuals for personal savings for retirement; (3) increase the deductible contribution which may be made on behalf of self-employed individuals and shareholder-employees of electing small business corporations to a retirement plan which covers themselves and their employees. A print containing the Administration bill and a Treasury explanation of it is available at the Main Committee Office, Room 1102, Longworth House Office Building.

The hearing will also cover other pending tax proposals on this same general subject area on which witnesses may desire to comment.

The lead-off witnesses will be officials of the Treasury Department, to be followed by testimony from the interested general public.

Requests to be heard must be received by the Committee by the close of business on Thursday, April 27, 1972, addressed to John M. Martin, Jr., Chief Counsel, Committee on Ways and Means, Room 1102 Longworth House Office

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