disregard earlier e-mail. Unable to convert ARMS_EXT: [ATTACH.D99]MAIL48452398U.016 to ASCII,
The following is a HEX DUMP:
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Hex-Dump Conversion
PRESIDENT CLINTON ANNOUNCES PENSION SECURITY STEPS
March 31, 1997
TODAY, PRESIDENT CLINTON WILL RELEASE THE PENSION BENEFIT GUARANTY
CORPORATION'S (pBGC) ANNUAL REPORT TO CONGRESS -- SHOWING A SURPLUS
FOR THE FIRST TIME IN PBGC'S 22-YEAR HISTORY. The Report shows a year-end financial
surplus of$869 million, based on assets of more than $12 billion and liabilities of nearly $11.2 billion.
The Annual Report should reassure the 42 million working men and women whose pensions are
protected by PBGC.
In 1994, President Clinton signed the Retirement Protection Act, which put in place
numerous pension reforms, including strengthening funding rules for underfunded plans
and enhancing PBGC's compliance authority.
Due in part to these reforms, the PBGC, under the leadership of Martin Slate, erased a
deficit that reached nearly $3 billion in 1993.
Strong financial management has spared taxpayers a potential loss of millions of dollars.
PRESIDENT CLINTON PROPOSES AUDIT REFORM TO ENHANCE PENSION
SAFEGUARDS. President Clinton's initiative -- which he also proposed last year -- will improve
pension security for millions of American workers by:
Closing a loophole that permits $950 billion in pension plan assets to escape meaningful
audit, affecting 22 million workers;
Requiring prompt reporting if criminal acts are discovered during an audit; and
Assuring that only qualified professionals conduct audits of ERISA plans.
PRESIDENT CLINTON ANNOUNCES OTHER PENSION SECURITY STEPS:
The PWBA's 401(k) Enforcement Project Passes $20 Million Mark. The number of 401(k)
plans has grown enormously in recent years (from 17,000 in 1984 to 154,000 in 1993). While
the vast majority of these plans are safe, the Administration has stepped up enforcement against
those employers who spend or borrow their employees' pension contributions. In just two years,
the Pension and Welfare Benefits Administration's 401(k) Enforcement Project has recovered
over $20 million for more than 40,000 employees across the country.
Today, the Administration Starts a New Toll-Free Pension Hotline - 1-800-998-7542.
Today, the Labor Department initiates a toll-free number to provide pension information to
workers. Sixteen publications, such as "Protect Your Pension" and "What You Should Know
About Your Pension Rights," are available to individuals through this number. This will help
pension plan participants understand their rights and identify early warning signs of pension
problems.
New Rules Will Put Pension Money To Work for Participants Sooner. Final rules went into
effect last month requiring employers to deposit employee contributions into pension plans as
soon as possible, but no later than 15 business days after the end of the month during which the
contribution was made. It is estimated that this change will increase earnings for participants and
beneficiaries by an average of $70 million per year over the next ten years.
Hex-Dump Conversion
PBGC'S ANNUAL REPORT SHOWS FIRST-EVER SURPLUS
TODAY, PRESIDENT CLINTON ANNOUNCED THAT THE PENSION BENEFIT
GUARANTY CORPORATION (PBGC), WHICH INSURES THE PENSIONS OF MORE THAN
42 MILLION WORKERS IN ABOUT 50,000 PENSION PLANS, HAS REACHED FINANCIAL
SOLVENCY. . No major terminations of underfunded pension plans and significant income from
premiums and investments in 1996 have resulted in a surplus for the first time in PBGC's 22-year
history in its largest insurance program -- the single-employer program.
With assets of$12.04 billion and liabilities of$11.17 billion, PBGC ended fiscal year 1996 with
a surplus of $869 million.
PBGC erased a $3 billion deficit in just three years.
Premium revenue of $1.17 billion -- up 36% -- and investment income of $927 million
contributed to the improved financial condition.
PBGC IS A FEDERAL AGENCY CREATED BY THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT (ERISA) OF 1974 TO GUARANTEE PAYMENT OF BASIC PENSION
BENEFITS EARNED BY WORKERS.
PBGC has two insurance programs covering private-sector defined benefit pension plans -- the
traditional pension that promises a specific benefit at retirement, often based on a combination of
salary and years of service. The single-employer program covers about 34 million people. The
multi employer program, which covers about 8.6 million people, has had a surplus since 1982.
The agency receives no funds from general tax revenues. Operations are financed by insurance
premiums paid by pension plan sponsors, investment returns, assets from pension plans trusteed
by PBGC, and recoveries from the companies formerly responsible for the trusteed plans.
PBGC pays benefits according to the provisions of each individual single-employer pension plan
up to the limits of PBGC's maximum guarantee, which for plans taken over in 1997 is $2,761
per month ($33,136 annually) at age 65. Most workers in plans taken over by PBGC receive the
full benefit they would have received under the plan.
BECAUSE OF THE REFORMS OF THE RETIREMENT PROTECTION ACT OF 1994,
WORKERS AND RETIREES CAN REST ASSURED THAT THEIR PENSIONS ARE
PROTECTED BY A STRONG INSURANCE AGENCY. The law strengthened funding rules for
underfunded plans; PBGC's compliance authority was enhanced; underfunded plans that pose the
greatest risk now pay the most for protections; and workers in underfunded plans now get an
easy-to-understand notice about their plan's funding level and PBGC guarantees.
PBGC IS NOW RESPONSIBLE FOR PENSIONS OF 440,000 PEOPLE IN 2,300 PLANS IT HAS
TAKEN OVER AND PAID $800 MILLION IN BENEFITS TO ABOUT 200,000 OF THESE
PEOPLE IN 1996.
PBGC had reported annual deficits since it was created in 1974, ranging from $12 million in
Hex-Dump Conversion
1975 to $2.9 billion in 1993. Questions had been raised about the ability of the agency to meet its
future obligations.
Today, there are sufficient assets to meet all guaranteed benefits. PBGC's early warning
program has prevented pension loss and added over $14 billion in protection to underfunded
pension plans as corporations restructured.
Vigilance continues against any weakening of the insurance program or pension funding in the
future.
Hex-Dump Conversion
PRESIDENT CLINTON'S AUDIT REFORM PROPOSAL
PRESIDENT CLINTON PROPOSES AUDIT REFORM. President Clinton's Audit Reform
initiative -- also proposed last year -- will improve pension security for millions of American workers by:
Closing a loophole that permits $950 billion in pension funds to escape meaningful audit;
Requiring prompt reporting if criminal acts are discovered during an audit; and
Assuring that only qualified professionals conduct audits of ERISA plans.
AUDIT REFORM PROPOSAL REPEALS OPTION FOR PENSION PLANS TO CONDUCT A
"LIMITED SCOPE" AUDIT. Today, more than $950 billion in pension plan assets (nearly half of the
estimated $2 trillion subject to ERISA's audit requirement) are not subject to a comprehensive audit,
affecting 22 million workers.
Under ERISA, plan assets held in certain regulated financial institutions can be excluded
from the scope of an annual financial audit. When a plan elects a so-called "limited
scope" audit, auditors are prohibited from rendering an opinion on the plan's financial
statements under professional auditing standards.
Repealing this "limited scope" audit exemption for pension plans will give plan
participants and beneficiaries assurance that all plan assets are subject to a meaningful
audit.
AUDIT REFORM PROPOSAL REQUIRES DIRECT REPORTING OF EGREGIOUS
. VIOLATIONS RIGHT AWAY. To ensure that the Department of Labor can respond more promptly
to crimes involving pension plans, the proposal requires both plan administrators and accountants
auditing employee benefit plans who discover serious fraud or other egregious ERISA violations to
promptly report them to the Department of Labor. .
PROPOSAL ALSO ASSURES THAT ONLY QUALIFIED PROFESSIONALS CONDUCT
AUDITS OF ERISA PLANS. The proposal also requires public accountants who audit employee
benefit plans to have a peer review process, appropriate internal quality control systems, and continuing
education requirements.
Hex-Dump Conversion
THE CLINTON RECORD ON PENSION SECURITY
THE RETIREMENT PROTECTION ACT OF 1994. In December 1994, President Clinton signed
the Retirement Protection Act, which protects the benefits of more than 40 million American workers
and retirees in traditional pension plans.
The Act helped to bring about the Pension Benefit Guaranty Corporation's (PBGC) first
surplus in its 22-year history.
The Act strengthened funding rules for underfunded plans; enhanced PBGC's compliance
authority; required underfunded plans that pose the greatest risk to pay their fair share for
protections; and ensured that workers in underfunded plans get an easy-to-understand
notice about their plan's funding level and PBGC guarantees.
THE 401(k) ENFORCEMENT PROJECT. In 1995, the Labor Department launched an initiative to
protect savings in 401 (k) plans from misuse, recovering to date just over $20 million for over 40,000
workers.
THE RETIREMENT EDUCATION CAMPAIGN. In 1995, the Labor Department, along with over
200 public and private sector partners, launched a campaign to encourage workers to save for retirement
and to educate workers about their pension rights and how to protect their savings.
PENSION SECURITY REFORMS OF 1996. In 1996, President Clinton proposed the Retirement
Savings and Security Act containing a variety of pension security initiatives. Later in the year, the
President signed the minimum wage bill, which included several of his pension security provisions. The
law:
Protects Government Employees' Savings from Orange County-Style Fiascos:
Requires state and local government retirement savings plans to be held in trust so that
employees do not lose their savings if the government declares bankruptcy, as Orange
County did.
Increases Penalties for Self-Dealing: Penalties for self-dealing pension funds (such as
loans to the company owner) are generally doubled, from 5 percent to 10 percent.
Improves Spousal Protections: In accordance with the minimum wage legislation, the
Treasury Department has helped protect spousal benefits in the choice of an annuity and
during divorce proceedings by making it easier for spouses to understand their pension
rights. Treasury has issued sample language, written in plain English, that retirement
plans can give spouses and others to clarify what spouses' rights and benefits are -- both
when selecting a pension annuity or other benefit and in the case of divorce.
disregard earlier e-mail. ==================== ATTACHMENT I ====================
ATT CREATION TIME/DATE: 0 00:00:00.00
TEXT:
Unable to convert ARMS_EXT: [ATTACH.D99]MAIL48452398U.016 to ASCII,
The following is a HEX DUMP:
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0000000000000000000000000000000000000000000000000B0100002800D61EC30F3908000011
090000005AOOOB01008B143600540069006D006500730020004EOO65007700200052006F006DOO
Hex-Dump Conversion
PRESIDENT CLINTON ANNOUNCES PENSION SECURITY STEPS
March 31, 1997
TODAY, PRESIDENT CLINTON WILL RELEASE THE PENSION BENEFIT GUARANTY
CORPORATION'S (pBGC) ANNUAL REPORT TO CONGRESS -- SHOWING A SURPLUS
FOR THE FIRST TIME IN PBGC'S 22-YEAR HISTORY. The Report shows a year-end financial
surplus of$869 million, based on assets of more than $12 billion and liabilities of nearly $11.2 billion.
The Annual Report should reassure the 42 million working men and women whose pensions are
protected by PBGC.
In 1994, President Clinton signed the Retirement Protection Act, which put in place
numerous pension reforms, including strengthening funding rules for underfunded plans
and enhancing PBGC's compliance authority.
Due in part to these reforms, the PBGC, under the leadership of Martin Slate, erased a
deficit that reached nearly $3 billion in 1993.
Strong financial management has spared taxpayers a potential loss of millions of dollars.
PRESIDENT CLINTON PROPOSES AUDIT REFORM TO ENHANCE PENSION
SAFEGUARDS. President Clinton's initiative -- which he also proposed last year -- will improve
pension security for millions of American workers by:
Closing a loophole that permits $950 billion in pension plan assets to escape meaningful
audit, affecting 22 million workers;
Requiring prompt reporting if criminal acts are discovered during an audit; and
Assuring that only qualified professionals conduct audits of ERISA plans.
PRESIDENT CLINTON ANNOUNCES OTHER PENSION SECURITY STEPS:
The PWBA's 401(k) Enforcement Project Passes $20 Million Mark. The number of 401(k)
plans has grown enormously in recent years (from 17,000 in 1984 to 154,000 in 1993). While
the vast majority of these plans are safe, the Administration has stepped up enforcement against
those employers who spend or borrow their employees' pension contributions. In just two years,
the Pension and Welfare Benefits Administration's 401(k) Enforcement Project has recovered
over $20 million for more than 40,000 employees across the country.
Today, the Administration Starts a New Toll-Free Pension Hotline - 1-800-998-7542.
Today, the Labor Department initiates a toll-free number to provide pension information to
workers. Sixteen publications, such as "Protect Your Pension" and "What You Should Know
About Your Pension Rights," are available to individuals through this number. This will help
pension plan participants understand their rights and identify early warning signs of pension
problems.
New Rules Will Put Pension Money To Work for Participants Sooner. Final rules went into
effect last month requiring employers to deposit employee contributions into pension plans as
soon as possible, but no later than 15 business days after the end of the month during which the
contribution was made. It is estimated that this change will increase earnings for participants and
beneficiaries by an average of $70 million per year over the next ten years.
Hex-Dump Conversion
PBGC'S ANNUAL REPORT SHOWS FIRST-EVER SURPLUS
TODAY, PRESIDENT CLINTON ANNOUNCED THAT THE PENSION BENEFIT
GUARANTY CORPORATION (PBGC), WHICH INSURES THE PENSIONS OF MORE THAN
42 MILLION WORKERS IN ABOUT 50,000 PENSION PLANS, HAS REACHED FINANCIAL
SOLVENCY. . No major terminations of underfunded pension plans and significant income from
premiums and investments in 1996 have resulted in a surplus for the first time in PBGC's 22-year
history in its largest insurance program -- the single-employer program.
With assets of$12.04 billion and liabilities of$11.17 billion, PBGC ended fiscal year 1996 with
a surplus of $869 million.
PBGC erased a $3 billion deficit in just three years.
Premium revenue of $1.17 billion -- up 36% -- and investment income of $927 million
contributed to the improved financial condition.
PBGC IS A FEDERAL AGENCY CREATED BY THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT (ERISA) OF 1974 TO GUARANTEE PAYMENT OF BASIC PENSION
BENEFITS EARNED BY WORKERS.
PBGC has two insurance programs covering private-sector defined benefit pension plans -- the
traditional pension that promises a specific benefit at retirement, often based on a combination of
salary and years of service. The single-employer program covers about 34 million people. The
multi employer program, which covers about 8.6 million people, has had a surplus since 1982.
The agency receives no funds from general tax revenues. Operations are financed by insurance
premiums paid by pension plan sponsors, investment returns, assets from pension plans trusteed
by PBGC, and recoveries from the companies formerly responsible for the trusteed plans.
PBGC pays benefits according to the provisions of each individual single-employer pension plan
up to the limits of PBGC's maximum guarantee, which for plans taken over in 1997 is $2,761
per month ($33,136 annually) at age 65. Most workers in plans taken over by PBGC receive the
full benefit they would have received under the plan.
BECAUSE OF THE REFORMS OF THE RETIREMENT PROTECTION ACT OF 1994,
WORKERS AND RETIREES CAN REST ASSURED THAT THEIR PENSIONS ARE
PROTECTED BY A STRONG INSURANCE AGENCY. The law strengthened funding rules for
underfunded plans; PBGC's compliance authority was enhanced; underfunded plans that pose the
greatest risk now pay the most for protections; and workers in underfunded plans now get an
easy-to-understand notice about their plan's funding level and PBGC guarantees.
PBGC IS NOW RESPONSIBLE FOR PENSIONS OF 440,000 PEOPLE IN 2,300 PLANS IT HAS
TAKEN OVER AND PAID $800 MILLION IN BENEFITS TO ABOUT 200,000 OF THESE
PEOPLE IN 1996.
PBGC had reported annual deficits since it was created in 1974, ranging from $12 million in
Hex-Dump Conversion
1975 to $2.9 billion in 1993. Questions had been raised about the ability of the agency to meet its
future obligations.
Today, there are sufficient assets to meet all guaranteed benefits. PBGC's early warning
program has prevented pension loss and added over $14 billion in protection to underfunded
pension plans as corporations restructured.
Vigilance continues against any weakening of the insurance program or pension funding in the
future.
Hex-Dump Conversion
PRESIDENT CLINTON'S AUDIT REFORM PROPOSAL
PRESIDENT CLINTON PROPOSES AUDIT REFORM. President Clinton's Audit Reform
initiative -- also proposed last year -- will improve pension security for millions of American workers by:
Closing a loophole that permits $950 billion in pension funds to escape meaningful audit;
Requiring prompt reporting if criminal acts are discovered during an audit; and
Assuring that only qualified professionals conduct audits of ERISA plans.
AUDIT REFORM PROPOSAL REPEALS OPTION FOR PENSION PLANS TO CONDUCT A
"LIMITED SCOPE" AUDIT. Today, more than $950 billion in pension plan assets (nearly half of the
estimated $2 trillion subject to ERISA's audit requirement) are not subject to a comprehensive audit,
affecting 22 million workers.
Under ERISA, plan assets held in certain regulated financial institutions can be excluded
from the scope of an annual financial audit. When a plan elects a so-called "limited
scope" audit, auditors are prohibited from rendering an opinion on the plan's financial
statements under professional auditing standards.
Repealing this "limited scope" audit exemption for pension plans will give plan
participants and beneficiaries assurance that all plan assets are subject to a meaningful
audit.
AUDIT REFORM PROPOSAL REQUIRES DIRECT REPORTING OF EGREGIOUS
. VIOLATIONS RIGHT AWAY. To ensure that the Department of Labor can respond more promptly
to crimes involving pension plans, the proposal requires both plan administrators and accountants
auditing employee benefit plans who discover serious fraud or other egregious ERISA violations to
promptly report them to the Department of Labor. .
PROPOSAL ALSO ASSURES THAT ONLY QUALIFIED PROFESSIONALS CONDUCT
AUDITS OF ERISA PLANS. The proposal also requires public accountants who audit employee
benefit plans to have a peer review process, appropriate internal quality control systems, and continuing
education requirements.
Hex-Dump Conversion
THE CLINTON RECORD ON PENSION SECURITY
THE RETIREMENT PROTECTION ACT OF 1994. In December 1994, President Clinton signed
the Retirement Protection Act, which protects the benefits of more than 40 million American workers
and retirees in traditional pension plans.
The Act helped to bring about the Pension Benefit Guaranty Corporation's (PBGC) first
surplus in its 22-year history.
The Act strengthened funding rules for underfunded plans; enhanced PBGC's compliance
authority; required underfunded plans that pose the greatest risk to pay their fair share for
protections; and ensured that workers in underfunded plans get an easy-to-understand
notice about their plan's funding level and PBGC guarantees.
THE 401(k) ENFORCEMENT PROJECT. In 1995, the Labor Department launched an initiative to
protect savings in 401 (k) plans from misuse, recovering to date just over $20 million for over 40,000
workers.
THE RETIREMENT EDUCATION CAMPAIGN. In 1995, the Labor Department, along with over
200 public and private sector partners, launched a campaign to encourage workers to save for retirement
and to educate workers about their pension rights and how to protect their savings.
PENSION SECURITY REFORMS OF 1996. In 1996, President Clinton proposed the Retirement
Savings and Security Act containing a variety of pension security initiatives. Later in the year, the
President signed the minimum wage bill, which included several of his pension security provisions. The
law:
Protects Government Employees' Savings from Orange County-Style Fiascos:
Requires state and local government retirement savings plans to be held in trust so that
employees do not lose their savings if the government declares bankruptcy, as Orange
County did.
Increases Penalties for Self-Dealing: Penalties for self-dealing pension funds (such as
loans to the company owner) are generally doubled, from 5 percent to 10 percent.
Improves Spousal Protections: In accordance with the minimum wage legislation, the
Treasury Department has helped protect spousal benefits in the choice of an annuity and
during divorce proceedings by making it easier for spouses to understand their pension
rights. Treasury has issued sample language, written in plain English, that retirement
plans can give spouses and others to clarify what spouses' rights and benefits are -- both
when selecting a pension annuity or other benefit and in the case of divorce.
disregard earlier e-mail. Unable to convert ARMS_EXT: [ATTACH.D99)MAIL48452398U.016 to ASCII,
The following is a HEX DUMP:
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Hex-Dump Conversion
PRESIDENT CLINTON ANNOUNCES PENSION SECURITY STEPS
March 31,1997
TODAY, PRESIDENT CLINTON WILL RELEASE THE PENSION BENEFIT GUARANTY
CORPORATION'S (PBGq ANNUAL REPORT TO CONGRESS -- SHOWING A SURPLUS
FOR THE FIRST TIME IN PBGC'S 22-YEAR HISTORY. The Report shows a year-end financial
surplus of $869 million, based on assets of more than $12 billion and liabilities of nearly $11.2 billion.
The Annual Report should reassure the 42 million working men and women whose pensions are
protected by PBGC.
In 1994, President Clinton signed the Retirement Protection Act, which put in place
numerous pension reforms, including strengthening funding rules for underfunded plans
and enhancing PBGC's compliance authority.
Due in part to these reforms, the PBGC, under the leadership of Martin Slate, erased a
deficit that reached nearly $3 billion in 1993.
Strong financial management has spared taxpayers a potential loss of millions of dollars.
PRESIDENT CLINTON PROPOSES AUDIT REFORM TO ENHANCE PENSION
SAFEGUARDS. President Clinton's initiative -- which he also proposed last year -- will improve
pension security for millions of American workers by:
Closing a loophole that permits $950 billion in pension plan assets to escape meaningful
audit, affecting 22 million workers;
Requiring prompt reporting if criminal acts are discovered during an audit; and
Assuring that only qualified professionals conduct audits of ERISA plans.
PRESIDENT CLINTON ANNOUNCES OTHER PENSION SECURITY STEPS:
The PWBA's 401(k) Enforcement Project Passes $20 Million Mark. The number of 401(k)
plans has grown enormously in recent years (from 17,000 in 1984 to 154,000 in 1993). While
the vast majority of these plans are safe, the Administration has stepped up enforcement against
those employers who spend or borrow their employees' pension contributions. Injust two years,
the Pension and Welfare Benefits Administration's 401(k) Enforcement Project has recovered
over $20 million for more than 40,000 employees across the country.
Today, the Administration Starts a New Toll-Free Pension Hotline --1-800-998-7542.
Today, the Labor Department initiates a toll-free number to provide pension information to
workers. Sixteen publications, such as "Protect Your Pension" and "What You Should Know
About Your Pension Rights," are available to individuals through this number. This will help
pension plan participants understand their rights and identify early warning signs of pension
problems.
New Rules Will Put Pension Money To Work for Participants Sooner. Final rules went into
effect last month requiring employers to deposit employee contributions into pension plans as
soon as possible, but no later than IS business days after the end of the month during which the
contribution was made. It is estimated that this change will increase earnings for participants and
beneficiaries by an average of $70 million per year over the next len years.
Hex-Dump Conversion
PBGC'S ANNUAL REPORT SHOWS FIRST-EVER SURPLUS
TODAY, PRESIDENT CLINTON ANNOUNCED THAT THE PENSION BENEFIT
GUARANTY CORPORATION (PBGC), WHICH INSURES THE PENSIONS OF MORE THAN
42 MILLION WORKERS IN ABOUT 50,000 PENSION PLANS, HAS REACHED FINANCIAL
SOLVENCY_ No major terminations of underfunded pension plans and significant income from
premiums and investments in 1996 have resulted in a surplus for the first time in PBGC's 22-year
history in its largest insurance program -- the single-employer program.
With assets of $12.04 billion and liabilities of $11.17 billion, PBGC ended fiscal year 1996 with
a surplus of $869 million.
PBGC erased a $3 billion deficit injust three years.
Premium revenue of $1.17 billion -- up 36% -- and investment income of $927 million
contributed to the improved financial condition.
PBGC IS A FEDERAL AGENCY CREATED BY THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT (ERISA) OF 1974 TO GUARANTEE PAYMENT OF BASIC PENSION
BENEFITS EARNED BY WORKERS.
PBGC has two insurance programs covering private-sector defined benefit pension plans -- the
traditional pension that promises a specific benefit at retirement, often based on a combination of
salary and years of service. The single-employer program covers about 34 million people. The
multiemployer program, which covers about 8.6 million people, has had a surplus since 1982.
The agency receives no funds from general tax revenues. Operations are financed by insurance
premiums paid by pension plan sponsors, investment returns, assets from pension plans trusteed
by PBGC, and recoveries from the companies formerly responsible for the trusteed plans.
PBGC pays benefits according to the provisions of each individual single-employer pension plan
up to the limits of PBGC's maximum guarantee, which for plans taken over in 1997 is $2,761
per month ($33,136 annually) at age 65. Most workers in plans taken over by PBGC receive the
full benefit they would have received under the plan.
BECAUSE OF THE REFORMS OF THE RETIREMENT PROTECTION ACT OF 1994,
WORKERS AND RETIREES CAN REST ASSURED THAT THEIR PENSIONS ARE
PROTECTED BY A STRONG INSURANCE AGENCY. The law strengthened funding rules for
underfunded plans; PBGC's compliance authority was enhanced; underfunded plans that pose the
greatest risk now pay the most for protections; and workers in underfunded plans now get an
easy-to-understand notice about their plan's funding level and PBGC guarantees.
PBGC IS NOW RESPONSIBLE FOR PENSIONS OF 440,000 PEOPLE IN 2,300 PLANS IT HAS
TAKEN OVER AND PAID $800 MILLION IN BENEFITS TO ABOUT 200,000 OF THESE
PEOPLE IN 1996.
PBGC had reported annual deficits since it was created in 1974, ranging from $12 million in
Hex-Dump Conversion
1975 to $2.9 billion in 1993. Questions had been raised about the ability of the agency to meet its
future obligations.
Today, there are sufficient assets to meet all guaranteed benefits. PBGC's early warning
program has prevented pension loss and added over $14 billion in protection to underfunded
pension plans as corporations restructured.
Vigilance continues against any weakening of the insurance program or pension funding in the
future.
Hex-Dump Conversion
PRESIDENT CLINTON'S AUDIT REFORM PROPOSAL
PRESIDENT CLINTON PROPOSES AUDIT REFORM. President Clinton's Audit Reform
initiative -- also proposed last year -- will improve pension security for millions of American workers by:
Closing a loophole that permits $950 billion in pension funds to escape meaningful audit;
Requiring prompt reporting if criminal acts are discovered during an audit; and
Assuring that only qualified professionals conduct audits of ERISA plans.
AUDIT REFORM PROPOSAL REPEALS OPTION FOR PENSION PLANS TO CONDUCT A
"LIMITED SCOPE" AUDIT. Today, more than $950 billion in pension plan assets (nearly half of the
estimated $2 trillion subject to ERISA's audit requirement) are not subject to a comprehensive audit,
affecting 22 million workers.
Under ERISA, plan assets held in certain regulated financial institutions can be excluded
from the scope of an annual financial audit. When a plan elects a so-called "limited
scope" audit, auditors are prohibited from rendering an opinion on the plan's financial
statements under professional auditing standards.
Repealing this "limited scope" audit exemption for pension plans will give plan
participants and beneficiaries assurance that all plan assets are subject to a meaningful
audit.
AUDIT REFORM PROPOSAL REQUIRES DIRECT REPORTING OF EGREGIOUS
VIOLATIONS RIGHT AWAY. To ensure that the Department of Labor can respond more promptly
to crimes involving pension plans, the proposal requires both plan administrators and accountants
auditing employee benefit plans who discover serious fraud or other egregious ERISA violations to
promptly report them to the Department of Labor.
PROPOSAL ALSO ASSURES THAT ONLY QUALIFIED PROFESSIONALS CONDUCT
AUDITS OF ERISA PLANS. The proposal also requires public accountants who audit employee
benefit plans to have a peer review process, appropriate internal quality control systems, and continuing
education requirements.
Hex-Dump Conve::liOi1
THE CLINTON RECORD ON PENSION SECURITY
THE RETIREMENT PROTECTION ACT OF 1994_ In December 1994, President Clinton signed
the Retirement Protection Act, which protects the benefits of more than 40 million American workers
and retirees in traditional pension plans.
The Act helped to bring about the Pension Benefit Guaranty Corporation's (PBGC) first
surplus in its 22-year history.
The Act strengthened funding rules for underfunded plans; enhanced PBGC's compliance
authority; required underfunded plans that pose the greatest risk to pay their fair share for
protections; and ensured that workers in underfunded plans get an easy-to-understand
notice about their plan's funding level and PBGC guarantees.
THE 401(k) ENFORCEMENT PROJECT. In 1995, the Labor Department launched an initiative to
protect savings in 401 (k) plans from misuse, recovering to date just over $20 million for over 40,000
workers.
THE RETIREMENT EDUCATION CAMPAIGN. In 1995, the Labor Department, along with over
200 public and private sector partners, launched a campaign to encourage workers to save for retirement
and to educate workers about their pension rights and how to protect their savings.
PENSION SECURITY REFORMS OF 1996. In 1996, President Clinton proposed the Retirement
Savings and Security Act containing a variety of pension security initiatives. Later in the year, the
President signed the minimum wage bill, which included several of his pension security provisions. The
law:
Protects Government Employees' Savings from Orange County-Style Fiascos:
Requires state and local government retirement savings plans to be held in trust so that
employees do not lose their savings if the government declares bankruptcy, as Orange
County did.
Increases Penalties for Self-Dealing: Penalties for self-dealing pension funds (such as
loans to the company owner) are generally doubled, from 5 percent to 10 percent.
Improves Spousal Protections: In accordance with the minimum wage legislation, the
Treasury Department has helped protect spousal benefits in the choice of an annuity and
during divorce proceedings by making it easier for spouses to understand their pension
rights. Treasury has issued sample language, written in plain English, that retirement
plans can give spouses and others to clarify what spouses' rights and benefits are -- both
when selecting a pension annuity or other benefit and in the case of divorce.
Hex-Dilmp Coove:sioi1
PRESIDENT CLINTON ANNOUNCES PENSION SECURITY STEPS
March 31,1997
TODAY, PRESIDENT CLINTON WILL RELEASE THE PENSION BENEFIT GUARANTY
CORPORATION'S (PBGC) ANNUAL REPORT TO CONGRESS -- SHOWING A SURPLUS
FOR THE FIRST TIME IN PBGC'S 22-YEAR HISTORY. The Report shows a year-end financial
surplus of $869 million, based on assets of more than $12 billion and liabilities of nearly $11.2 billion.
The Annual Report should reassure the 42 million working men and women whose pensions are
protected by PBGC.
In 1994, President Clinton signed the Retirement Protection Act, which put in place
numerous pension reforms, including strengthening funding rules for underfunded plans
and enhancing PBGC's compliance authority.
Due in part to these reforms, the PBGC, under the leadership of Martin Slate, erased a
deficit that reached nearly $3 billion in 1993.
Strong financial management has spared taxpayers a potential loss of millions of dollars.
PRESIDENT CLINTON PROPOSES AUDIT REFORM TO ENHANCE PENSION
SAFEGUARDS. President Clinton's initiative -- which he also proposed last year -- will improve
pension security for millions of American workers by:
Closing a loophole that permits $950 billion in pension plan assets to escape meaningful
audit, affecting 22 million workers;
Requiring prompt reporting if criminal acts are discovered during an audit; and
Assuring that only qualified professionals conduct audits ofERlSA plans.
PRESIDENT CLINTON ANNOUNCES OTHER PENSION SECURITY STEPS:
The PWBA's 401(k) Enforcement Project Passes $20 Million Mark. The number of 401(k)
plans has grown enormously in recent years (from 17,000 in 1984 to 154,000 in 1993). While
the vast majority of these plans are safe, the Administration has stepped up enforcement against
those employers who spend or borrow their employees' pension contributions. Injust two years,
the Pension and Welfare Benefits Administration's 401(k) Enforcement Project has recovered
over $20 million for more than 40,000 employees across the country.
Today, the Administration Starts a New Toll-Free Pension Hotline --1-800-998-7542.
Today, the Labor Department initiates a toll-free number to provide pension information to
workers. Sixteen publications, such as "Protect Your Pension" and "What You Should Know
About Your Pension Rights," are available to individuals through this number. This will help
pension plan participants understand their rights and identify early warning signs of pension
problems.
New Rules Will Put Pension Money To Work for Participants Sooner. Final rules went into
effect last month requiring employers to deposit employee contributions into pension plans as
soon as possible, but no later than 15 business days after the end of the month during which the
contribution was made. It is estimated that this change will increase earnings for participants and
beneficiaries by an average of $70 million per year over the next ten years.
Hex-Dump Conversion
PBGe'S ANNUAL REPORT SHOWS FIRST -EVER SURPLUS
TODAY, PRESIDENT CLINTON ANNOUNCED THAT THE PENSION BENEFIT
GUARANTY CORPORATION (PBGC), WHICH INSURES THE PENSIONS OF MORE THAN
42 MILLION WORKERS IN ABOUT 50,000 PENSION PLANS, HAS REACHED FINANCIAL
SOLVENCY. No major terminations of underfunded pension plans and significant income from
premiums and investments in 1996 have resulted in a surplus for the first time in PBOC's 22-year
history in its largest insurance program -- the single-employer program.
With assets of $12.04 billion and liabilities of $11.17 billion, PBOC ended fiscal year 1996 with
a surplus of $869 million.
PBOC erased a $3 billion deficit injust three years.
Premium revenue of $1.17 billion -- up 36% -- and investment income of $927 million
contributed to the improved financial condition.
PBGC IS A FEDERAL AGENCY CREATED BY THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT (ERISA) OF 1974 TO GUARANTEE PAYMENT OF BASIC PENSION
BENEFITS EARNED BY WORKERS.
PBOC has two insurance programs covering private-sector defined benefit pension plans -- the
traditional pension that promises a specific benefit at retirement, often based on a combination of
salary and years of service. The single-employer program covers about 34 million people. The
multi employer program, which covers about 8.6 million people, has had a surplus since 1982.
The agency receives no funds from general tax revenues. Operations are financed by insurance
premiums paid by pension plan sponsors, investment returns, assets from pension plans trusteed
by PBOC, and recoveries from the companies formerly responsible for the trusteed plans.
PBOC pays benefits according to the provisions of each individual single-employer pension plan
up to the limits of PBOC's maximum guarantee, which for plans taken over in 1997 is $2,761
per month ($33,136 annually) at age 65. Most workers in plans taken over by PBOC receive the
full benefit they would have received under the plan.
BECAUSE OF THE REFORMS OF THE RETIREMENT PROTECTION ACT OF 1994,
WORKERS AND RETIREES CAN REST ASSURED THAT THEIR PENSIONS ARE
PROTECTED BY A STRONG INSURANCE AGENCY. The law strengthened funding rules for
underfunded plans; PBOC's compliance authority was enhanced; underfunded plans that pose the
greatest risk now pay the most for protections; and workers in underfunded plans now get an
easy-to-understand notice about their plan's funding level and PBOC guarantees.
PBGC IS NOW RESPONSIBLE FOR PENSIONS OF 440,000 PEOPLE IN 2,300 PLANS IT HAS
TAKEN OVER AND PAID $800 MILLION IN BENEFITS TO ABOUT 200,000 OF THESE
PEOPLE IN 1996.
PBOC had reported annual deficits since it was created in 1974, ranging from $12 million in
Hex-Dump COilve:Sloil
1975 to $2.9 billion in 1993. Questions had been raised about the ability of the agency to meet its
future obligations.
Today, there are sufficient assets to meet all guaranteed benefits. PBGC's early warning
program has prevented pension loss and added over $14 billion in protection to underfunded
pension plans as corporations restructured.
Vigilance continues against any weakening of the insurance program or pension funding in the
future.
Hex-Dilmp COilve:SlOi\
PRESIDENT CLINTON'S AUDIT REFORM PROPOSAL
PRESIDENT CLINTON PROPOSES AUDIT REFORM. President Clinton's Audit Reform
initiative -- also proposed last year -- will improve pension security for millions of American workers by:
Closing a loophole that permits $950 billion in pension funds to escape meaningful audit;
Requiring prompt reporting if criminal acts are discovered during an audit; and
Assuring that only qualified professionals conduct audits of ERISA plans.
AUDIT REFORM PROPOSAL REPEALS OPTION FOR PENSION PLANS TO CONDUCT A
"LIMITED SCOPE" AUDIT. Today, more than $950 billion in pension plan assets (nearly half of the
estimated $2 trillion subject to ERISA's audit requirement) are not subject to a comprehensive audit,
affecting 22 million workers.
Under ERISA, plan assets held in certain regulated financial institutions can be excluded
from the scope of an annual financial audit. When a plan elects a so-called "limited
scope" audit, auditors are prohibited from rendering an opinion on the plan's financial
statements under professional auditing standards.
Repealing this "limited scope" audit exemption for pension plans will give plan
participants and beneficiaries assurance that all plan assets are subject to a meaningful
audit.
AUDIT REFORM PROPOSAL REQUIRES DIRECT REPORTING OF EGREGIOUS
VIOLATIONS RIGHT AWAY. To ensure that the Department of Labor can respond more promptly
to crimes involving pension plans, the proposal requires both plan administrators and accountants
auditing employee benefit plans who discover serious fraud or other egregious ERISA violations to
promptly report them to the Department of Labor.
PROPOSAL ALSO ASSURES THAT ONLY QUALIFIED PROFESSIONALS CONDUCT
AUDITS OF ERISA PLANS. The proposal also requires public accountants who audit employee
benefit plans to have a peer review process, appropriate internal quality control systems, and continuing
education requirements.
Hex-DiJmp Conversion
THE CLINTON RECORD ON PENSION SECURITY
THE RETIREMENT PROTECTION ACT OF 1994. In December 1994, President Clinton signed
the Retirement Protection Act, which protects the benefits of more than 40 million American workers
and retirees in traditional pension plans.
The Act helped to bring about the Pension Benefit Guaranty Corporation's (PBGC) first
surplus in its 22-year history.
The Act strengthened funding rules for underfunded plans; enhanced PBGC's compliance
authority; required underfunded plans that pose the greatest risk to pay their fair share for
protections; and ensured that workers in underfunded plans get an easy-to-understand
notice about their plan's funding level and PBGC guarantees.
THE 401(k) ENFORCEMENT PROJECT. In 1995, the Labor Department launched an initiative to
protect savings in 401 (k) plans from misuse, recovering to date just over $20 million for over 40,000
workers.
THE RETIREMENT EDUCATION CAMPAIGN. In 1995, the Labor Department, along with over
200 public and private sector partners, launched a campaign to encourage workers to save for retirement
and to educate workers about their pension rights and how to protect their savings.
PENSION SECURITY REFORMS OF 1996. In 1996, President Clinton proposed the Retirement
Savings and Security Act containing a variety of pension security initiatives. Later in the year, the
President signed the minimum wage bill, which included several of his pension security provisions. The
law:
Protects Government Employees' Savings from Orange County-Style Fiascos:
Requires state and local government retirement savings plans to be held in trust so that
employees do not lose their savings if the government declares bankruptcy, as Orange
County did.
Increases Penalties for Self-Dealing: Penalties for self-dealing pension funds (such as
loans to the company owner) are generally doubled, from 5 percent to 10 percent.
Improves Spousal Protections: In accordance with the minimum wage legislation, the
Treasury Department has helpeCl protect spousal benefits in the choice of an annuity and
during divorce proceedings by making it easier for spouses to understand their pension
rights. Treasury has issued sample language, written in plain English, that retirement
plans can give spouses and others to clarify what spouses' rights and benefits are -- both
when selecting a pension annuity or other benefit and in the case of divorce.
disregard earlier e-mail. ==================== ATTACHMENT 1 ====================
ATT CREATION TIME/DATE: 0 00:00:00.00
TEXT:
Unable to convert ARMS_EXT: [ATTACH.D99)MAIL48452398U.016 to ASCII,
The following is a HEX DUMP:
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090000005AOOOB01008B143600540069006D006500730020004EOO65007700200052006F006DOO
Hex-Dump Conversion
PRESIDENT CLINTON ANNOUNCES PENSION SECURITY STEPS
March 31,1997
TODAY, PRESIDENT CLINTON WILL RELEASE THE PENSION BENEFIT GUARANTY
CORPORATION'S (PBGq ANNUAL REPORT TO CONGRESS -- SHOWING A SURPLUS
FOR THE FIRST TIME IN PBGC'S 22-YEAR HISTORY. The Report shows a year-end financial
surplus of $869 million, based on assets of more than $12 billion and liabilities of nearly $11.2 billion.
The Annual Report should reassure the 42 million working men and women whose pensions are
protected by PBGC.
In 1994, President Clinton signed the Retirement Protection Act, which put in place
numerous pension reforms, including strengthening funding rules for underfunded plans
and enhancing PBGC's compliance authority.
Due in part to these reforms, the PBGC, under the leadership of Martin Slate, erased a
deficit that reached nearly $3 billion in 1993.
Strong financial management has spared taxpayers a potential loss of millions of dollars.
PRESIDENT CLINTON PROPOSES AUDIT REFORM TO ENHANCE PENSION
SAFEGUARDS. President Clinton's initiative -- which he also proposed last year -- will improve
pension security for millions of American workers by:
Closing a loophole that permits $950 billion in pension plan assets to escape meaningful
audit, affecting 22 million workers;
Requiring prompt reporting if criminal acts are discovered during an audit; and
Assuring that only qualified professionals conduct audits of ERISA plans.
PRESIDENT CLINTON ANNOUNCES OTHER PENSION SECURITY STEPS:
The PWBA's 401(k) Enforcement Project Passes $20 Million Mark. The number of 401(k)
plans has grown enormously in recent years (from 17,000 in 1984 to 154,000 in 1993). While
the vast majority of these plans are safe, the Administration has stepped up enforcement against
those employers who spend or borrow their employees' pension contributions. Injust two years,
the Pension and Welfare Benefits Administration's 401(k) Enforcement Project has recovered
over $20 million for more than 40,000 employees across the country.
Today, the Administration Starts a New Toll-Free Pension Hotline --1-800-998-7542.
Today, the Labor Department initiates a toll-free number to provide pension information to
workers. Sixteen publications, such as "Protect Your Pension" and "What You Should Know
About Your Pension Rights," are available to individuals through this number. This will help
pension plan participants understand their rights and identify early warning signs of pension
problems.
New Rules Will Put Pension Money To Work for Participants Sooner. Final rules went into
effect last month requiring employers to deposit employee contributions into pension plans as
soon as possible, but no later than IS business days after the end of the month during which the
contribution was made. It is estimated that this change will increase earnings for participants and
beneficiaries by an average of $70 million per year over the next len years.
Hex-Dump Conversion
PBGC'S ANNUAL REPORT SHOWS FIRST-EVER SURPLUS
TODAY, PRESIDENT CLINTON ANNOUNCED THAT THE PENSION BENEFIT
GUARANTY CORPORATION (PBGC), WHICH INSURES THE PENSIONS OF MORE THAN
42 MILLION WORKERS IN ABOUT 50,000 PENSION PLANS, HAS REACHED FINANCIAL
SOLVENCY_ No major terminations of underfunded pension plans and significant income from
premiums and investments in 1996 have resulted in a surplus for the first time in PBGC's 22-year
history in its largest insurance program -- the single-employer program.
With assets of $12.04 billion and liabilities of $11.17 billion, PBGC ended fiscal year 1996 with
a surplus of $869 million.
PBGC erased a $3 billion deficit injust three years.
Premium revenue of $1.17 billion -- up 36% -- and investment income of $927 million
contributed to the improved financial condition.
PBGC IS A FEDERAL AGENCY CREATED BY THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT (ERISA) OF 1974 TO GUARANTEE PAYMENT OF BASIC PENSION
BENEFITS EARNED BY WORKERS.
PBGC has two insurance programs covering private-sector defined benefit pension plans -- the
traditional pension that promises a specific benefit at retirement, often based on a combination of
salary and years of service. The single-employer program covers about 34 million people. The
multiemployer program, which covers about 8.6 million people, has had a surplus since 1982.
The agency receives no funds from general tax revenues. Operations are financed by insurance
premiums paid by pension plan sponsors, investment returns, assets from pension plans trusteed
by PBGC, and recoveries from the companies formerly responsible for the trusteed plans.
PBGC pays benefits according to the provisions of each individual single-employer pension plan
up to the limits of PBGC's maximum guarantee, which for plans taken over in 1997 is $2,761
per month ($33,136 annually) at age 65. Most workers in plans taken over by PBGC receive the
full benefit they would have received under the plan.
BECAUSE OF THE REFORMS OF THE RETIREMENT PROTECTION ACT OF 1994,
WORKERS AND RETIREES CAN REST ASSURED THAT THEIR PENSIONS ARE
PROTECTED BY A STRONG INSURANCE AGENCY. The law strengthened funding rules for
underfunded plans; PBGC's compliance authority was enhanced; underfunded plans that pose the
greatest risk now pay the most for protections; and workers in underfunded plans now get an
easy-to-understand notice about their plan's funding level and PBGC guarantees.
PBGC IS NOW RESPONSIBLE FOR PENSIONS OF 440,000 PEOPLE IN 2,300 PLANS IT HAS
TAKEN OVER AND PAID $800 MILLION IN BENEFITS TO ABOUT 200,000 OF THESE
PEOPLE IN 1996.
PBGC had reported annual deficits since it was created in 1974, ranging from $12 million in
Hex-Dump Conversion
1975 to $2.9 billion in 1993. Questions had been raised about the ability of the agency to meet its
future obligations.
Today, there are sufficient assets to meet all guaranteed benefits. PBGC's early warning
program has prevented pension loss and added over $14 billion in protection to underfunded
pension plans as corporations restructured.
Vigilance continues against any weakening of the insurance program or pension funding in the
future.
Hex-Dump Conversion
PRESIDENT CLINTON'S AUDIT REFORM PROPOSAL
PRESIDENT CLINTON PROPOSES AUDIT REFORM. President Clinton's Audit Reform
initiative -- also proposed last year -- will improve pension security for millions of American workers by:
Closing a loophole that permits $950 billion in pension funds to escape meaningful audit;
Requiring prompt reporting if criminal acts are discovered during an audit; and
Assuring that only qualified professionals conduct audits of ERISA plans.
AUDIT REFORM PROPOSAL REPEALS OPTION FOR PENSION PLANS TO CONDUCT A
"LIMITED SCOPE" AUDIT. Today, more than $950 billion in pension plan assets (nearly half of the
estimated $2 trillion subject to ERISA's audit requirement) are not subject to a comprehensive audit,
affecting 22 million workers.
Under ERISA, plan assets held in certain regulated financial institutions can be excluded
from the scope of an annual financial audit. When a plan elects a so-called "limited
scope" audit, auditors are prohibited from rendering an opinion on the plan's financial
statements under professional auditing standards.
Repealing this "limited scope" audit exemption for pension plans will give plan
participants and beneficiaries assurance that all plan assets are subject to a meaningful
audit.
AUDIT REFORM PROPOSAL REQUIRES DIRECT REPORTING OF EGREGIOUS
VIOLATIONS RIGHT AWAY. To ensure that the Department of Labor can respond more promptly
to crimes involving pension plans, the proposal requires both plan administrators and accountants
auditing employee benefit plans who discover serious fraud or other egregious ERISA violations to
promptly report them to the Department of Labor.
PROPOSAL ALSO ASSURES THAT ONLY QUALIFIED PROFESSIONALS CONDUCT
AUDITS OF ERISA PLANS. The proposal also requires public accountants who audit employee
benefit plans to have a peer review process, appropriate internal quality control systems, and continuing
education requirements.
Hex-Dump Conve::liOi1
THE CLINTON RECORD ON PENSION SECURITY
THE RETIREMENT PROTECTION ACT OF 1994_ In December 1994, President Clinton signed
the Retirement Protection Act, which protects the benefits of more than 40 million American workers
and retirees in traditional pension plans.
The Act helped to bring about the Pension Benefit Guaranty Corporation's (PBGC) first
surplus in its 22-year history.
The Act strengthened funding rules for underfunded plans; enhanced PBGC's compliance
authority; required underfunded plans that pose the greatest risk to pay their fair share for
protections; and ensured that workers in underfunded plans get an easy-to-understand
notice about their plan's funding level and PBGC guarantees.
THE 401(k) ENFORCEMENT PROJECT. In 1995, the Labor Department launched an initiative to
protect savings in 401 (k) plans from misuse, recovering to date just over $20 million for over 40,000
workers.
THE RETIREMENT EDUCATION CAMPAIGN. In 1995, the Labor Department, along with over
200 public and private sector partners, launched a campaign to encourage workers to save for retirement
and to educate workers about their pension rights and how to protect their savings.
PENSION SECURITY REFORMS OF 1996. In 1996, President Clinton proposed the Retirement
Savings and Security Act containing a variety of pension security initiatives. Later in the year, the
President signed the minimum wage bill, which included several of his pension security provisions. The
law:
Protects Government Employees' Savings from Orange County-Style Fiascos:
Requires state and local government retirement savings plans to be held in trust so that
employees do not lose their savings if the government declares bankruptcy, as Orange
County did.
Increases Penalties for Self-Dealing: Penalties for self-dealing pension funds (such as
loans to the company owner) are generally doubled, from 5 percent to 10 percent.
Improves Spousal Protections: In accordance with the minimum wage legislation, the
Treasury Department has helped protect spousal benefits in the choice of an annuity and
during divorce proceedings by making it easier for spouses to understand their pension
rights. Treasury has issued sample language, written in plain English, that retirement
plans can give spouses and others to clarify what spouses' rights and benefits are -- both
when selecting a pension annuity or other benefit and in the case of divorce.
Hex-Dilmp Coove:sioi1
PRESIDENT CLINTON ANNOUNCES PENSION SECURITY STEPS
March 31,1997
TODAY, PRESIDENT CLINTON WILL RELEASE THE PENSION BENEFIT GUARANTY
CORPORATION'S (PBGC) ANNUAL REPORT TO CONGRESS -- SHOWING A SURPLUS
FOR THE FIRST TIME IN PBGC'S 22-YEAR HISTORY. The Report shows a year-end financial
surplus of $869 million, based on assets of more than $12 billion and liabilities of nearly $11.2 billion.
The Annual Report should reassure the 42 million working men and women whose pensions are
protected by PBGC.
In 1994, President Clinton signed the Retirement Protection Act, which put in place
numerous pension reforms, including strengthening funding rules for underfunded plans
and enhancing PBGC's compliance authority.
Due in part to these reforms, the PBGC, under the leadership of Martin Slate, erased a
deficit that reached nearly $3 billion in 1993.
Strong financial management has spared taxpayers a potential loss of millions of dollars.
PRESIDENT CLINTON PROPOSES AUDIT REFORM TO ENHANCE PENSION
SAFEGUARDS. President Clinton's initiative -- which he also proposed last year -- will improve
pension security for millions of American workers by:
Closing a loophole that permits $950 billion in pension plan assets to escape meaningful
audit, affecting 22 million workers;
Requiring prompt reporting if criminal acts are discovered during an audit; and
Assuring that only qualified professionals conduct audits ofERlSA plans.
PRESIDENT CLINTON ANNOUNCES OTHER PENSION SECURITY STEPS:
The PWBA's 401(k) Enforcement Project Passes $20 Million Mark. The number of 401(k)
plans has grown enormously in recent years (from 17,000 in 1984 to 154,000 in 1993). While
the vast majority of these plans are safe, the Administration has stepped up enforcement against
those employers who spend or borrow their employees' pension contributions. Injust two years,
the Pension and Welfare Benefits Administration's 401(k) Enforcement Project has recovered
over $20 million for more than 40,000 employees across the country.
Today, the Administration Starts a New Toll-Free Pension Hotline --1-800-998-7542.
Today, the Labor Department initiates a toll-free number to provide pension information to
workers. Sixteen publications, such as "Protect Your Pension" and "What You Should Know
About Your Pension Rights," are available to individuals through this number. This will help
pension plan participants understand their rights and identify early warning signs of pension
problems.
New Rules Will Put Pension Money To Work for Participants Sooner. Final rules went into
effect last month requiring employers to deposit employee contributions into pension plans as
soon as possible, but no later than 15 business days after the end of the month during which the
contribution was made. It is estimated that this change will increase earnings for participants and
beneficiaries by an average of $70 million per year over the next ten years.
Hex-Dump Conversion
PBGe'S ANNUAL REPORT SHOWS FIRST -EVER SURPLUS
TODAY, PRESIDENT CLINTON ANNOUNCED THAT THE PENSION BENEFIT
GUARANTY CORPORATION (PBGC), WHICH INSURES THE PENSIONS OF MORE THAN
42 MILLION WORKERS IN ABOUT 50,000 PENSION PLANS, HAS REACHED FINANCIAL
SOLVENCY. No major terminations of underfunded pension plans and significant income from
premiums and investments in 1996 have resulted in a surplus for the first time in PBOC's 22-year
history in its largest insurance program -- the single-employer program.
With assets of $12.04 billion and liabilities of $11.17 billion, PBOC ended fiscal year 1996 with
a surplus of $869 million.
PBOC erased a $3 billion deficit injust three years.
Premium revenue of $1.17 billion -- up 36% -- and investment income of $927 million
contributed to the improved financial condition.
PBGC IS A FEDERAL AGENCY CREATED BY THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT (ERISA) OF 1974 TO GUARANTEE PAYMENT OF BASIC PENSION
BENEFITS EARNED BY WORKERS.
PBOC has two insurance programs covering private-sector defined benefit pension plans -- the
traditional pension that promises a specific benefit at retirement, often based on a combination of
salary and years of service. The single-employer program covers about 34 million people. The
multi employer program, which covers about 8.6 million people, has had a surplus since 1982.
The agency receives no funds from general tax revenues. Operations are financed by insurance
premiums paid by pension plan sponsors, investment returns, assets from pension plans trusteed
by PBOC, and recoveries from the companies formerly responsible for the trusteed plans.
PBOC pays benefits according to the provisions of each individual single-employer pension plan
up to the limits of PBOC's maximum guarantee, which for plans taken over in 1997 is $2,761
per month ($33,136 annually) at age 65. Most workers in plans taken over by PBOC receive the
full benefit they would have received under the plan.
BECAUSE OF THE REFORMS OF THE RETIREMENT PROTECTION ACT OF 1994,
WORKERS AND RETIREES CAN REST ASSURED THAT THEIR PENSIONS ARE
PROTECTED BY A STRONG INSURANCE AGENCY. The law strengthened funding rules for
underfunded plans; PBOC's compliance authority was enhanced; underfunded plans that pose the
greatest risk now pay the most for protections; and workers in underfunded plans now get an
easy-to-understand notice about their plan's funding level and PBOC guarantees.
PBGC IS NOW RESPONSIBLE FOR PENSIONS OF 440,000 PEOPLE IN 2,300 PLANS IT HAS
TAKEN OVER AND PAID $800 MILLION IN BENEFITS TO ABOUT 200,000 OF THESE
PEOPLE IN 1996.
PBOC had reported annual deficits since it was created in 1974, ranging from $12 million in
Hex-Dump COilve:Sloil
1975 to $2.9 billion in 1993. Questions had been raised about the ability of the agency to meet its
future obligations.
Today, there are sufficient assets to meet all guaranteed benefits. PBGC's early warning
program has prevented pension loss and added over $14 billion in protection to underfunded
pension plans as corporations restructured.
Vigilance continues against any weakening of the insurance program or pension funding in the
future.
Hex-Dilmp COilve:SlOi\
PRESIDENT CLINTON'S AUDIT REFORM PROPOSAL
PRESIDENT CLINTON PROPOSES AUDIT REFORM. President Clinton's Audit Reform
initiative -- also proposed last year -- will improve pension security for millions of American workers by:
Closing a loophole that permits $950 billion in pension funds to escape meaningful audit;
Requiring prompt reporting if criminal acts are discovered during an audit; and
Assuring that only qualified professionals conduct audits of ERISA plans.
AUDIT REFORM PROPOSAL REPEALS OPTION FOR PENSION PLANS TO CONDUCT A
"LIMITED SCOPE" AUDIT. Today, more than $950 billion in pension plan assets (nearly half of the
estimated $2 trillion subject to ERISA's audit requirement) are not subject to a comprehensive audit,
affecting 22 million workers.
Under ERISA, plan assets held in certain regulated financial institutions can be excluded
from the scope of an annual financial audit. When a plan elects a so-called "limited
scope" audit, auditors are prohibited from rendering an opinion on the plan's financial
statements under professional auditing standards.
Repealing this "limited scope" audit exemption for pension plans will give plan
participants and beneficiaries assurance that all plan assets are subject to a meaningful
audit.
AUDIT REFORM PROPOSAL REQUIRES DIRECT REPORTING OF EGREGIOUS
VIOLATIONS RIGHT AWAY. To ensure that the Department of Labor can respond more promptly
to crimes involving pension plans, the proposal requires both plan administrators and accountants
auditing employee benefit plans who discover serious fraud or other egregious ERISA violations to
promptly report them to the Department of Labor.
PROPOSAL ALSO ASSURES THAT ONLY QUALIFIED PROFESSIONALS CONDUCT
AUDITS OF ERISA PLANS. The proposal also requires public accountants who audit employee
benefit plans to have a peer review process, appropriate internal quality control systems, and continuing
education requirements.
Hex-DiJmp Conversion
THE CLINTON RECORD ON PENSION SECURITY
THE RETIREMENT PROTECTION ACT OF 1994. In December 1994, President Clinton signed
the Retirement Protection Act, which protects the benefits of more than 40 million American workers
and retirees in traditional pension plans.
The Act helped to bring about the Pension Benefit Guaranty Corporation's (PBGC) first
surplus in its 22-year history.
The Act strengthened funding rules for underfunded plans; enhanced PBGC's compliance
authority; required underfunded plans that pose the greatest risk to pay their fair share for
protections; and ensured that workers in underfunded plans get an easy-to-understand
notice about their plan's funding level and PBGC guarantees.
THE 401(k) ENFORCEMENT PROJECT. In 1995, the Labor Department launched an initiative to
protect savings in 401 (k) plans from misuse, recovering to date just over $20 million for over 40,000
workers.
THE RETIREMENT EDUCATION CAMPAIGN. In 1995, the Labor Department, along with over
200 public and private sector partners, launched a campaign to encourage workers to save for retirement
and to educate workers about their pension rights and how to protect their savings.
PENSION SECURITY REFORMS OF 1996. In 1996, President Clinton proposed the Retirement
Savings and Security Act containing a variety of pension security initiatives. Later in the year, the
President signed the minimum wage bill, which included several of his pension security provisions. The
law:
Protects Government Employees' Savings from Orange County-Style Fiascos:
Requires state and local government retirement savings plans to be held in trust so that
employees do not lose their savings if the government declares bankruptcy, as Orange
County did.
Increases Penalties for Self-Dealing: Penalties for self-dealing pension funds (such as
loans to the company owner) are generally doubled, from 5 percent to 10 percent.
Improves Spousal Protections: In accordance with the minimum wage legislation, the
Treasury Department has helpeCl protect spousal benefits in the choice of an annuity and
during divorce proceedings by making it easier for spouses to understand their pension
rights. Treasury has issued sample language, written in plain English, that retirement
plans can give spouses and others to clarify what spouses' rights and benefits are -- both
when selecting a pension annuity or other benefit and in the case of divorce.
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