Page 812 816 816 596 596 246 748 816 246 817 600 247 122 194 211 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: letter dated May 10, 1972, forwarded by Mr. Cardon.. dated May 5, 1972, forwarded by Sheldon S. Cohen.- ciation, letter dated May 19, 1972, to Chairman Mills.. ciation, letter dated May 10, 1972, to Chairman Mills- dated May 4, 1972, forwarded by Sheldon S. Cohen... May 10, 1972, to Chairman Mills, with resolution.- relations, letter dated May 9, 1972, to the Committee on Ways and Means May 3, 1972, forwarded by Sheldon S. Cohen.. S. 2, a bill, Pension and Employee Benefit Act. 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 May 3, 1972, forwarded by Sheldon S. Cohen.--- 1972, to Chairman Mills... 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. letter to John M. Martin, Jr., chief counsel, Committee on Ways and Means. Inc., statement.-- forwarded by Sheldon S. Cohen. Ways and Means. 1972, to John M. Martin, Jr., chief counsel, Committee on Ways and Means. dated May 19, 1972, to Chairman Mills, with enclosure.. 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---- 817 822 247 598 247 597 817 600 810 244 845 596 734 246 813 Page 755 743 247 823 601 823 245 755 600 828 601 839 830 247 831 601 755 Le Matty, R. S., president, Blue Bell, Inc., letter dated May 17, 1972, to Chairman Mills... joint statement- 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 --- May 7, 1972, forwarded by Sheldon S. Cohen. 1972, to Chairman Mills 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 Martin, Jr., chief counsel, Committee on Ways and Means- May 5, 1972, forwarded by Sheldon S. Cohen.. May 10, 1972, to Chairman Mills.. Chairman Mills. Chairman Mills.. Harrison president, letter dated May 16, 1972, to Chairman Mills- general counsel/vice president, letter dated May 8, 1972, to Chairman Mills letter dated May 18, 1972, to Chairman Mills. dated May 18, 1972, to Chairman Mills --- Freedman, legislative committee chairman, letter dated May 8, 1972, to Chairman Mills.- man Mills 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 --- dated May 11, 1972, to Chairman Mills -- May 4, 1972, forwarded by Sheldon S. Cohen.. department, letter dated May 30, 1972, to Chairman Mills Medical Associates, statement- dated May 5, 1972, forwarded by Sheldon S. Cohen.. 602 833 838 839 840 842 843 822 808 244 842 828 603 248 603 858 246 Page 603 603 843 749 849 248 602 248 845 847 597 754 603 244 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.. 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 .. 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. 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.. Government & Public Affairs, University of Illinois, statement- 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 M. Martin, Jr., chief counsel, Committee on Ways and Means. ecutive committee, statement.- dated May 8, 1972, to Chairman Mills- May 19, 1972, to Chairman Mills.. 1972, to Chairman Mills. May 4, 1972, forwarded by Sheldon S. Cohen -- relations, letter dated May 10, 1972, to Chairman Mills... of Virginia, letter dated May 15, 1972, to Chairman Mills, with 603 847 847 849 853 603 856 857 858 604 859 604 596 248 604 730 Page 604 840 598 853 Whyte, William G., vice president, United States Steel Corp., letter dated May 19, 1972, to Chairman Mills -- letter dated May 18, 1972, to Chairman Mills.- 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. May 10, 1972, to Chairman Mills, with resolution.- Medical Clinics, letter dated May 18, 1972, to Chairman Mills, with 843 817 731 TAX PROPOSALS AFFECTING PRIVATE PENSION PLANS MONDAY, MAY 8, 1972 HOUSE OF REPRESENTATIVES, 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 |