356-359 23. Specify according to the llowing ca.gories the average age of participants who left the scope of the Plan without entitlement to retirement benefits: A. Within the past 5 years with more than 15 years service under the Plan.... B. Within the past 5 years with more than 10 years service under the Plan.... 24. A. Indicate the average monthly benefit paid to retirees 5 years ago. (1) Normal (2) Early (3) Disability B. Indicate the average monthly benefit paid to retirees within the last year. (1) Normal (2) Early Information (3) Disability . B. Total liabilities for all accrued vested benefits (include benefits vested under vesting, early retirement, disability retirement and normal retirement provisions, and give present dollar value)........ (Date of latest evaluation) No. Vesting 1544404 of latest evaluation) C. Total value of all accrued benefits, treating all such benefits as if they were vested (give present dollar value)... 12-31-67 (Date of latest evaluation) 26. A. Provide a concise description of the actuarial methods, factors and assumptions used in determining contributions or premium payments under the Plan (indicating specifically the assumption used with respect to the rate of employee termination for reasons other than death, disability, or retirement). PRIVATE WELFARE AND PENSION PLAN STUDY, 1971 HEARINGS BEFORE THE SUBCOMMITTEE ON LABOR OF THE COMMITTEE ON LABOR AND PUBLIC WELFARE UNITED STATES SENATE NINETY-SECOND CONGRESS FIRST SESSION ON EXAMINATION OF PRIVATE WELFARE AND PENSION PLANS (PURSUANT TO S. RES. 35, SECTION 4) JULY 27, 28, AND 29, 1971 PART 1 Printed for the use of the Committee on Labor and Public Welfare 66-500 O U.S. GOVERNMENT PRINTING OFFICE WASHINGTON: 1971 COMMITTEE ON LABOR AND PUBLIC WELFARE HARRISON A. WILLIAMS, JR., New Jersey, Chairman JENNINGS RANDOLPH, West Virginia JACOB K. JAVITS, New York WINSTON PROUTY, Vermont ROBERT TAFT, JR., Ohio J. GLENN BEALL, JR., Maryland ADLAI E. STEVENSON III, Illinois STEWART E. MCCLURE, Staff Director SUBCOMMITTEE ON LABOR HARRISON A. WILLIAMS, JR., New Jersey, Chairman JENNINGS RANDOLPH, West Virginia JACOB K. JAVITS, New York CLAIBORNE PELL, Rhode Island WINSTON PROUTY, Vermont RICHARD S. SCHWEIKER, Pennsylvania ROBERT TAFT, JR., Ohio GERALD M. FEDER, Counsel Explanation of "U.S. Pension and Employee Benefit Plan Commis- sion" (S. 2), with enclosures consisting of editorials and articles CHRONOLOGICAL LIST OF WITNESSES TUESDAY, JULY 27, 1971 Javits, Hon. Jacob K., a U.S. Senator from the State of New York___ Duane, Stephen H., Jersey City, N.J., former employee, Great Atlantic and Silver, George J., resident, Sterling Heights, Mich., accompanied by Earl Machleit, of St. Clair Shores, Mich., former employees of the Michigan Randolph, Hon. Jennings, a U.S. Senator from the State of West Virginia__ Fellers, William W., FSA actuary, Wyatt Co., accompanied by C. William Nichols, Guy H., resident, Cincinnati, Ohio, mechanical engineer--- Roby, R. K., resident, Latrobe, Pa., former employee, American Cyanamid Kwek, Mrs. Iris, resident, Detroit, Mich., employee, Anaconda Co---- Lengyel, Robert, accompanied by Rhea Johnson and Alfred St. Germain, radio officers, American Radio Association, AFL-CIO_-. Strichartz, Morris Harvey, trustee, pension plan, American Radio Asso- Pasternak, Harry J., attorney, Park Electrochemical Corp., accompanied by Jerry Shore, chairman of the board, Park Electrochemical Corp---- Russ, Mr. and Mrs. Bernard, residents, Wantagh, Long Island, N.Y., former employees of Columbia Gas System Service Corp---- Gojmerac, John, accompanied by Joseph Wojnarowski, former employees Blair, William, accompanied by Samuel Frederick, former employees of Duane, Stephen H., resident, Jersey City, N.J--- Fellers, William W., FSA actuary, Wyatt Co., accompanied by C. William Page 309 Fox, Lester, resident, South Bend, Ind., former employee of Studebaker 208 Gojmerac, John, accompanied by Joseph Wojnarowski, former employees Hoddick, Frank, resident, Fountain Valley, Calif., and former employee, Michigan Bell Telephone Co----- Javits, Hon. Jacob K., a U.S. Senator from the State of New York_--_- Kwek, Mrs. Iris, resident, Detroit, Mich., employee, Anaconda Co---- 337 11 86 234 278 286, 288 217 321 McCarthy, Edmund, resident, New York, N.Y., and former employee, Mal- Nichols, Guy H., resident, Cincinnati, Ohio, mechanical engineer_-- by Jerry Shore, chairman of the board, Park Electrochemical Corp____ Randolph, Hon. Jennings, a U.S. Senator from the State of West Virginia__ Roby, R. K., resident, Latrobe, Pa., former employee, American Cyanamid Russ, Mr. and Mrs. Bernard, residents, Wantagh, Long Island, N.Y., former employees of Columbia Gas System Service Corp---- Sawyer, John, resident, Fort Lauderdale, Fla., former employee, Univer- Silver, George J., resident, Sterling Heights, Mich., accompanied by Earl 159 Sorenson, Allen H., resident, Bountiful, Utah, former employee of S. H. 343 Strichartz, Morris Harvey, trustee, pension plan, American Radio Asso- 286 Supplemental statement, with enclosures_ 294 Articles, publications, etc. : Letters to Senator Williams from individuals reflecting problem areas 6 "Retirement Plan for Salaried Employees of the Anaconda Co”. "Retirement Security," brochure outlining the retirement plan of the 254 Cloud, R. Taylor, director, employee benefits, Columbia Gas System Service Corp., from Mario T. Noto, special counsel, Senate Sub- Gluesenkamp, Lester O., assistant treasurer, Mallinckrodt Chemical Works, St. Louis, Mo., from Mario T. Noto, special counsel, Senate Hodgson, Hon. James D., Secretary, Department of Labor, Washington, D.C., from Hon. Harrison A. Williams, Jr., chairman, Labor Sub- committee, Committee on Labor and Public Welfare, U.S. Senate, King, Mrs. S. L., assistant vice president of personnel, American Telephone & Telegraph Co., from Mario T. Noto, special counsel, |