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- Része ennek Records of the Office of the Chief of Staff (Clinton Administration), Harold Ickes, Jr.'s Files
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THE WHITE HOUSE
WASHINGTON
5 October 1995
Mr. John Joyce
President
Bricklayers & Allied Craftsmen
815 Fifteenth Street, N.W.
Washington, D.C. 20005
Dear Jack:
This follows up on our ongoing discussion about your proposal
regarding legislation to require joint trusteeship of single-
employer benefit funds.
The Administration is supportive of workers having a voice in the
investment of their pension assets. The multi-employer trusts
your union is involved in are a good model.
It is, however, our view that with the political battles we are
fighting on the Hill, now is not the time to take on yet another
issue, which was defeated with a Democratic Congress last year
and which will undoubtedly face an even more hostile reception in
this Congress. Were legislation to be introduced, the
Administration would however, be supportive.
It appears, however, that there is another way to raise this
issue in the context of the current proposed tax legislation. As
I understand it, the House Ways and Means Committee recently
voted out a provision, as part of its tax package, that would
allow companies to use the assets of their pension funds that
exceed liabilities for any purpose without paying excise taxes or
terminating the plan. As you can appreciate, this is a very
controversial provision among those who follow pension plan
issues because it threatens the retirement security of those who
contribute to the pension plans and draws into question corporate
accountability and control. We should discuss whether it is
possible, even in the context of reconciliation, to oppose this
provision and, if so, how best to do so. If, in the context of
reconciliation, the Administration feels that it could raise this
as an issue, it may well provide the basis to at least debate, if
not necessarily achieve, your overall goal.
In any event, let's discuss when you have time.