TAX PROPOSALS AFFECTING PRIVATE PENSION PLANS HEARINGS BEFORE THE COMMITTEE ON WAYS AND MEANS HOUSE OF REPRESENTATIVES NINETY-SECOND CONGRESS SECOND SESSION ON TAX PROPOSALS AFFECTING PRIVATE 78-202 O MAY 8, 9, 10, 11, 12, 15, AND 16, 1972 Part 3 of 3 Parts (May 15 and 16, 1972) Printed for the use of the Committee on Ways and Means U.S. GOVERNMENT PRINTING OFFICE WASHINGTON: 1972 CONTENTS Press release dated Thursday, April 13, 1972, announcing public hearings on administration tax proposal affecting private pension plans.... Committee print containing message from the President, letter of transmittal from the Treasury Department, text of the bill, and administration's explanation (H.R. 12272) _ _ Department of the Treasury: Page 1 3 Government Witnesses Hon. Edwin S. Cohen, Assistant Secretary for Tax Policy. 70 70 Marc M. Twinney, Jr., actuary and pension manager, Ford Motor 574 Kenneth L. Houck, assistant general counsel, Bethlehem Steel CorpAmerican Association of Retired Persons, and National Retired Teachers Association, Bernard E. Nash, executive director, presented by Cyril F. Brickfield, legislative counsel. 578 326 John M. Cookenbach, president, trust division. American Bankers Association: William F. Lackman, chairman, committee on employees trusts. American Bar Association: 293 293 293 Mac Asbill, Jr., chairman, section of taxation.. 229 Hon. Sheldon S. Cohen, chairman, special committee on retirement benefits... 241 American Federation of Labor-Congress of Industrial Organizations: 401 401 401 American Institute of Certified Public Accountants, Robert G. Skinner, chairman, division of Federal taxation. 315 American Telephone & Telegraph Co., Stanley L. King, Jr., assistant vice president, human resources_ 516 Ammond, Harold J., national director, Political Action Committee for 615 Anderson, Hon. John B., a Representative in Congress from the State of 112 Asbill, Mac, chairman, section of taxation, American Bar Association. 229 267 604 647 267 350 Bassett, Preston C., director, vice president, and actuary, Towers, Perrin, 425 Beidler, Jack, legislative director, United Auto Workers of America. 507 293 (III) Biemiller, Andrew J., director, Department of Legislation, American Brickfield, Cyril F., legislative counsel, American Association of Retired Bridges, John F., president, First Investment Annuity Co. of America__ Cantor, Arnold, economist, Research Department, American Federation of Cardon, John A., Washington, D.C., Ad Hoc Corporate Pension Fund Casstevens, Bill, director, United Auto Workers of America, region 2... E. S. Willis, member, private pension plans committee_- Cohen, Hon. Sheldon S., chairman, special committee on retirement bene- Page 401 551 326 493 413 401 569 507 551 551 551 241 College Retirement Equities Fund, and Teachers Insurance & Annuity 522 293 Council on Employee Benefits: Walter E. Klint, trustee and member, executive committee_. 287 287 Curtis, James, Seattle, Wash.. 490 Doyle, Robert, legislative counsel, National Society of Professional 338 Dreher, William A., president, William A. Dreher & Associates.. 454 Edwards, Nelson Jack, vice president, United Auto Workers of America---Erlenborn, Hon. John N., a Representative in Congress from the State of Illinois_ Ferster, Herbert, New York, N. Y. 507 616 498 First Investment Annuity Co. of America, John F. Bridges, president- 493 417 Fraser, O'Hear W., Jr., Washington, D.C.. 547 Gertner, Marc, counsel, International Brotherhood of Electrical Workers, 417 Golf Course Superintendents Association of America, Charles G. Baskin, secretary-treasurer_. 350 Greenberg, Bernard, assistant director, insurance, pension, and unemploy- 631 522 306 216 Hillis, Hon. Elwood H., a Representative in Congress from the State of 220 Houck, Kenneth L., assistant general counsel, Bethlehem Steel Corp., 578 International Brotherhood of Electrical Workers, Local No. 8: Javits, Hon. Jacob K., a U.S. Senator from the State of New York.. 117 352 Nick Jemas, national managing director.... 352 Roger D. Smith, counsel.. 352 Kelso, Louis O., legal counsel, Bangert & Co., San Francisco, Calif.. 647 324 Page Keogh, Hon. Eugene J., New York, N. Y. King, Stanley L., Jr., assistant vice president, human resources, American 258 516 Klint, Walter E., trustee and member, executive committee, Council on 287 Lackman, William F., chairman, committee on employees trusts, American 293 Landry, Jerome, cochairman, legislative committee, National Conference on Public Employee Retirement Systems_ 249 Liebenson, Herbert, legislative vice president, National Small Business 610 Lippman, S. G., Washington counsel, Political Action Committee for Mantler, Marshall J., managing director, Bureau of Salesmen's National Associations_. 413 Martin, John H., vice president, Litton Industries, Inc. 451 McCormick, Deane E., Jr., tax counsel, Litton Industries, Inc. 451 McKinley, Jack, the Prototype Planner 365 Melgard, Andrew A., committee executive, private pension plans commit- 551 303 Myers, Robert J., Silver Spring, Md. 283 Nash, Bernard E., executive director, American Association of Retired 326 National Association of Life Underwriters, W. Warren Barberg, chairman_ 267 249 National Council on Teacher Retirement, Jack E. Kennedy, secretarytreasurer.. 324 National Education Association, W. Jack Tennant, coordinator, office of teacher retirement.. 253 National Retired Teachers Association, and American Association of Retired Persons, Bernard E. Nash, executive director, presented by Cyril F. Brickfield, legislative counsel. Nyhart, Eldon H., president, Howard E. Nyhart Co-- 299 Paine, Thomas H., legislative committee, Council on Employee Benefits.. Robbins, Paul E., executive director, National Society of Professional 338 Seidman, Bert, director, Department of Social Security, American Federation of Labor-Congress of Industrial Organizations.. 401 Sheehan, John J., legislative director, United Steelworkers of America__. Skinner, Robert G., chairman, division of Federal taxation, American Institute of Certified Public Accountants.. 631 315 Smith, Quentin I., Jr., president, Towers, Perrin, Forster & Crosby. 425 352 Solenberger, Willard, department of social security, United Auto Workers of America__ 507 |