SELECT COMMITTEE ON AGING EDWARD R. ROYBAL, California, Chairman CLAUDE PEPPER, Florida GERALDINE A. FERRARO, New York HENRY A. WAXMAN, California BUTLER DERRICK, South Carolina RON WYDEN, Oregon DONALD JOSEPH ALBOSTA, Michigan WILLIAM HILL BONER, Tennessee IKE SKELTON, Missouri DENNIS M. HERTEL, Michigan ROBERT A. BORSKI, Pennsylvania FREDERICK C. (RICK) BOUCHER, Virginia BEN ERDREICH, Alabama BUDDY MACKAY, Florida MATTHEW J. RINALDO, New Jersey, JOHN PAUL HAMMERSCHMIDT, Arkansas NORMAN D. SHUMWAY, California JUDD GREGG, New Hampshire LARRY E. CRAIG, Idaho JIM COURTER, New Jersey LYLE WILLIAMS, Ohio CLAUDINE SCHNEIDER, Rhode Island JOHN MCCAIN, Arizona MICHAEL BILIRAKIS, Florida HARRY M. REID, Nevada NORMAN SISISKY, Virginia TOM VANDERGRIFF, Texas ROBERT E. WISE, JR., West Virginia BILL RICHARDSON, New Mexico JORGE J. LAMBRINOS, Staff Director PAUL SCHLEGEL, Minority Staff Director (II) Glen Howard, former director of criminal justice publishing department, Daniel Grady, former chief financial officer, William Underwood, Co Howard Young, special consultant to the President, and director, social Alan D. Lebowitz, Acting Administrator, Pension and Welfare Benefit Programs, U.S. Department of Labor, accompanied by Charles William- son, Assistant Administrator for Enforcement, and Robert N. Eccles, Acting Associate Solicitor, Plan Benefits Security Division, Office of the S. Allen Winborne, Assistant Commissioner for Employee and Exempt - Organizations, Internal Revenue Service, accompanied by Ira Cohen, Director, Actuarial Division, and Bill Posner, Special Assistant for Appendix 1. Additional material received for the record-Continued Bob Scheddin, New York, N.Y., letter..... Appendix 2. Correspondence between the Select Committee on Aging and the Appendix 3. Correspondence between the Select Committee on Aging and the Internal Revenue Service concerning the overfunded defined benefit pension plan terminations Appendix 4. Correspondence between the Select Committee on Aging and the Pension Benefit Guaranty Corporation concerning overfunded defined benefit pension plan terminations Appendix 5. Summary judgment opinion and order in the Harper & Row litigation......... Appendix 6. Working paper that examines the financial condition of 21 of the companies terminating overfunded plans, by Mary S. Stone, CPA, Ph.D. assistant professor, University of Alabama Appendix 7. Memorandum, from the Ad Hoc Group on Pension Plan Terminations to the Department of the Treasury and the Internal Revenue Service, concerning pension plan terminations and asset reversions to employees..... Page 161 162 164 177 199 217 273 285 |