Houck, Kenneth L., assistant general counsel, Bethlehem Steel Corp., Heim, Dr. Henry J., president, District of Columbia Dental Society, Page 812 816 816 596 596 246 748 816 246 817 600 Iowa State Bar Association, Edward H. Jones, secretary, telegram dated 247 Javits, Hon. Jacob K., a U.S. Senator from the State of New York: 122 Extracts from "Interim Report of Activities of Private Welfare and 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_ 194 211 817 Johnson, Jack B., New England Life, letter dated May 11, 1972, to Chairman Mills_ 822 Jones, Edward H., secretary, Iowa State Bar Association, telegram dated 247 Jones, Lowell M., the Firestone Tire & Rubber Co., letter dated May 9, 1972, to Chairman Mills... 598 Kadison, Stuart L., president, Los Angeles County (Calif.) Bar Association, 247 597 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, LaChapelle, George R., president, Credit Union National Association, Lafollette, Mary, Alaska Bar Association, telegram dated May 5, 1972, Lamon, Harry V., Jr., president, Southern Pension Conference, letter dated Lang, Virgil D., attorney, Dresser Industries, Inc., letter dated May 10, 817 600 810 244 845 596 734 Laughlin, Dr. Carl A., president, American Dental Association, letter 246 813 Le Matty, R. S., president, Blue Bell, Inc., letter dated May 17, 1972, to Page 755 Life Insurance Association of America and American Life Convention, joint statement.. 743 Los Angeles County (Calif.) Bar Association, Stuart L. Kadison, president, 247 823 Lucas, William L., vice president-secretary, Martin Marietta Corp., letter dated May 8, 1972, to Chairman Mills_. 601 Lurie, Alvin D., New York, N. Y., statement with enclosure.... 823 Malone, John S., secretary, California Bar Association, telegram dated 245 Mann, L. K., executive vice president, Blue Bell, Inc., letter dated May 17, 1972, to Chairman Mills. 755 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, statement. - McKenna, William F., general counsel/vice president, National League of Meyer, Henry V., Denver, Colo., letter dated May 10, 1972, to John M. Monsanto Co., W. B. Daume, director of corporate personnel, letter dated 601 Morris, E. A., chairman, Blue Bell, Inc., letter dated May 17, 1972, to 755 Nabisco, Inc., D. H. Scott, vice president, letter dated May 8, 1972, to 602 National Association of Manufacturers, statement.. 833 National Home Furnishings Representatives Association, Ronald C. 838 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 New England Home Furnishings Representatives Association, Inc., Gerald 839 840 842 843 New England Life, Jack B. Johnson, letter dated May 11, 1972, to Chairman Mills. 822 Noble, Stanley D., president, Council of Profit Sharing Industries, letter dated May 18, 1972, to Chairman Mills_ 808 Norton, Harold C., secretary, Alameda County (Calif.) Bar Association, letter dated May 5, 1972, forwarded by Sheldon S. Cohen__ 244 Passero, R. J., president, National Society of Public Accountants, letter dated May 18, 1972, to Chairman Mills... 842 Paul, Robert D., president, Martin E. Segal Co., statement__ 828 Pet, Inc., J. Price Reed, vice president and director of personnel, letter dated May 11, 1972, to Chairman Mills_ 603 Philadelphia Bar Association, Harold Cramer, chancellor, letter dated 248 Phillips Petroleum Co., W. R. Thomas, vice president, employee relations 603 858 Prewett, Hartford H., president, Houston (Tex.) Bar Association, letter dated May 5, 1972, forwarded by Sheldon S. Cohen... 246 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- Rossoff, Arthur L., chairman, Association of Long Island Engineers & Scholfield, Jack P., president, Seattle-King County (Wash.) Bar Asso- Seattle-King County (Wash.) Bar Association, Jack P. Scholfield, presi- Page 603 603 843 749 849 248 602 248 845 State Universities Retirement System, Edward S. Gibala, executive secretary, letter dated April 27, 1972, to John M. Martin, Jr., chief counsel, Committee on Ways and Means.. 847 Stevenson, Carl L., assistant vice president, Eastman Kodak Co., letter dated May 12, 1972, forwarded by John A. Cardon.. 597 Stewart, Samuel B., senior vice chairman of the board, Bank of America, letter dated May 12, 1972, to Chairman Mills.. 754 Stone, Dale D., director, corporate human resources, Sun Oil Co., letter dated May 4, 1972, to the Committee on Ways and Means_ 603 Stoops, Dale I., president, Alameda County (Calif.) Bar Association, telegram dated May 6, 1972, forwarded by Sheldon S. Cohen.. 244 Sun Oil Co., Dale D. Stone, director, corporate human resources, letter 603 847 Taxation With Representation: Barry Bressler, associate professor of economics, Richmond College, 847 Robert N. Schoeplein, associate professor of economics, Institute of 849 853 Thomas, W. R., vice president, employee relations department, Phillips 603 856 Thore, Eugene M. Washington, D.C., letter dated May 16, 1972, to John 857 858 Union Oil Company of California, Paul K. Doyle, vice president, letter dated May 8, 1972, to Chairman Mills. 604 U.S. Savings & Loan League, statement. 859 United States Steel Corp., William G. Whyte, vice president, letter dated 604 Verity, C. William Jr., chairman, Armco Steel Corp., letter dated May 4, 1972, to Chairman Mills__. 596 Virginia Bar Association, John S. Davenport III, president, letter dated 248 Westinghouse Electric Corp., R. D. Blasier, vice president, industrial relations, letter dated May 10, 1972, to Chairman Mills.. 604 Whitehurst, Hon. William G., a Representative in Congress from the State of Virginia, letter dated May 15, 1972, to Chairman Mills, with enclosures.. 730 Whyte, William G., vice president, United States Steel Corp., letter dated Williams, James R., president, National Retail Merchants Association, 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 Wood, William J., president, Indianapolis Bar Association, letter dated Page 604 840 598 853 843 817 Wurzel, Dr. Edward M., executive director, American Association of Medical Clinics, letter dated May 18, 1972, to Chairman Mills, with statement_. 731 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 |