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Pension Reform Bill / Virginia #238416

CBS Evening News for Wednesday, Dec 31, 1975
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(Studio) Chairperson committee with regard to pension reform tells workers to demand full details if told of loss of retirement plans. Representative Charles Vanik says some employers canceling benefits due to federal red tape.
REPORTER: Roger Mudd

(Norfolk, Virginia) 9 years ago, owner of The Rug Shop set up pension fund for self and workers. Maurice Unger abolished plan due to complexities of new pension plan. [UNGER - describes law's complications.]
REPORTER: Gary Shepard

(DC) Requests to end pension plans arrive each day at pension headquarters [Executive director, Pension Benefit Guaranty Corp., Steven SCHANES - says most companies who end pension plans are small.] [Pension consultant William BRET - explains his work. Fees going up.]
REPORTER: Gary Shepard

(Norfolk, Virginia) The Rug Shop workers will get certain amts. after retirement. [Worker Frank LAGANA - says pension gone.] [2nd WORKER, Umfort LOCUS - says Lord will make way for benefits.] Problems with pension reform law cited.
REPORTER: Gary Shepard

(DC) [BRET - says tax attys. criticize bill.] [Senator Jacob JAVITS -cites benefits of bill.]
REPORTER: Gary Shepard

(Norfolk, Virginia) Law may be revised in future.
REPORTER: Gary Shepard

Reporter(s):
Mudd, Roger;
Shepard, Gary
Duration:
00:05:20

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