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Pension Reform Bill / Ford / Provisions #236261

CBS Evening News for Monday, Sep 02, 1974
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(Studio) President Ford signs pension reform bill.
REPORTER: Roger Mudd

(DC) Ford signs bill in Rose Garden. [FORD - calls it historic Labor Day.] Ford hands out pens and mingles with guests. Goes to Camp David for relaxation.
REPORTER: Bob Schieffer

(Studio) Report on abuses which brought about new law.
REPORTER: Roger Mudd

(DC) 30 million Americans under pension plan. Pensions usually lost if company goes bankrupt and/or worker fired before retirement. [Senator Jacob JAVITS - says only 1/5 or 1/3 ever get pension.]
REPORTER: Bob McNamara

(Brooklyn, New York) In 1970, Bowey Chocolate Company bought by conglomerate. Plant closed after 85 years All nonunion workers lost pensions.
REPORTER: Bob McNamara

(Bellmore, Long Island, New York) Ralph Boe, after 33 1/2 years, given $1000 severance and gold watch. [BOE - says felt cheated. Had a lot of plans at that time.] New bill won't help him or others like him.
REPORTER: Bob McNamara

(DC) Bill insures pensions by federal government if company defaults. Minimum eligibility standards for part pensions set up. Employee gets pension if fired, quits, or company moves or goes out of business Bill forbids age and sex discrimination. Doesn't require pension plans. Those without company pensions allowed to set aside 15% income per year tax-free for retirement accounts.
REPORTER: Bob McNamara

(DC) [JAVITS - says now worker can retire decently.]
REPORTER: Connie Chung

(DC) Pensions still not portable.
REPORTER: Bob McNamara

Chung, Connie;
McNamara, Bob;
Mudd, Roger;
Schieffer, Bob

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