Search the Archive

Pension Reform Bill / Background / Points #478961

NBC Evening News for Monday, Sep 02, 1974
View other clips in this broadcast →

Material supplied by VTNA may be used for educational analysis or research only. Any editing, reproduction, publication, rebroadcast, public showing or public display may be prohibited by copyright laws. For any such use, please visit NBC NEWS Archives XPRESS.

(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

Chancellor, John

Note to sponsor members: The Vanderbilt Television News Archive video player requires a modern operating system and browser to work properly. If you are experiencing playback problems, check the minimum requirements and adjust your setup accordingly. After adjustments, if you continue to experience problems, please contact us.

Welcome! Above is the abstract of the item that you're interested in viewing from the Vanderbilt Television News Archive's collection. You have three options if you'd like to view this item:

  • You may request a loan of this video by registering on our website and placing an order.
  • You may visit the Television News Archive on the Vanderbilt campus to view on-site from the Archive's collection.
  • If you are associated with a college or university, you may ask your library if they would like to become a sponsor, which would give students and faculty at your institution the ability to view items from our collection.

If you believe that you are associated with a sponsoring college or university and have received this message in error, please let us know.