1 See Memorandum to Board of Governors No. 25-98, Federal Legislation Members No. 6-98, Primary Contacts-
Member Complex No. 33-98 and Public Information Committee No. 15-98, dated May 11, 1998.
[9958]
May 22, 1998
TO: BOARD OF GOVERNORS No. 34-98
FEDERAL LEGISLATION MEMBERS No. 9-98
PRIMARY CONTACTS - MEMBER COMPLEX No. 41-98
PUBLIC INFORMATION COMMITTEE No. 18-98
RE: INSTITUTE TESTIFIES IN SUPPORT OF PORTMAN-CARDIN PENSION
LEGISLATION
______________________________________________________________________________
On May 19, the Institute submitted testimony supporting H.R. 3788, the “Retirement Security
for the 21st Century Act,” to the House Ways and Means Subcommittee on Oversight. Representatives
Rob Portman (R-OH) and Benjamin Cardin (D-MD) introduced the wide-reaching pension bill on May
4, 1998. 1
In the statement (which is attached), the Institute expressed strong support for provisions
designed to:
! increase portability among defined contribution pension plans;
! allow greater contributions to 401(k), 403(b), 457 and SIMPLE plans;
! modify top-heavy rules to make it more attractive for small businesses to establish pension
plans; and
! ease the minimum distribution requirements.
We will keep you informed of further developments.
Matthew P. Fink
President
Attachment