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Pension Reform Bill / Ford / Provisions #33348

ABC Evening News for Monday, Sep 02, 1974
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(Studio) Union leaders, business representatives and Congress members meet at White House as President Ford signs pension reform act.
REPORTER: Howard K. Smith

(DC) Ford endorses 1st page of massive document. [FORD - calls it historic Labor Day. Give workers greater certainty.] Ford hands out pens. Law affects 400,000 existing pension plans.
REPORTER: Tom Jarriel

(DC) 30-35 million Americans to be affected. Anyone over 25 with 5 years service will have vested pension rights insured by government [Senator Lloyd BENTSEN - tells of example where man lost pension.] Bill encourages new pension plans. [Senator Jacob JAVITS - says bill encourages private companies to set up pension plans.] Benefits may be transferred. Labor Department to enforce act.
REPORTER: Jim Kincaid

Jarriel, Tom;
Kincaid, Jim;
Smith, Howard K.

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