Vanderbilt Television News Archive

(Studio) Pension reform law to result in better benefits for widows and widowers of millions.
REPORTER: John Chancellor

(DC) Workers shown at 1972 congress hearings. [Senator Richard SCHWEIKER - cites workers who lost benefits.] Group shown are retired workers from Philadelphia food and restaurant company All had pensions cut off when company ran into financial problems. [WOMAN - says forced to retire due to age. Got $50.70 month] [MAN - says told us plan would make us secure.] [WOMAN - says plan cut off in 1971. Doesn't get anything for all those years] [2nd MAN - tells what he thought he would get. Says he collapsed when plan collapsed.]
REPORTER: John Chancellor (narrates)

(Studio) In 1 year, 20,000 workers lost $50 million in benefits. Law sets eligibility standards: must be 25 or older and 1 year on job. Under vesting, pension rights guaranteed if worker fired or quits. Workers have to work for same employer 5 years before any guarantee of pension. 15 years for full vesting. Govt. agency to insure private pension plans of up to $750 month Doesn't require pension plan to be set up. Worker who changes jobs frequently won't qualify. [Campaign for pension rights attorney Karen FERGUSON - says employers unlikely to transfer pension credits. Bill means 3/4 workers to retire only with Social Security.] Not perfect but better than former arrangements.
REPORTER: John Chancellor