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COMMITTEE ON EDUCATION AND LABOR

HOUSE OF REPRESENTATIVES
NINETY-FOURTH CONGRESS

SECOND SESSION

ON

PUBLIC LAW 93-406

THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974

HEARING HELD IN WASHINGTON, D.C., JULY 20, 1976

Printed for the use of the Committee on Education and Labor
CARL D. PERKINS, Chairman

77451

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON: 1976

COMMITTEE ON EDUCATION AND LABOR

CARL D. PERKINS, Kentucky, Chairman

FRANK THOMPSON, JR., New Jersey
JOHN H. DENT, Pennsylvania
DOMINICK V. DANIELS, New Jersey
JOHN BRADEMAS, Indiana
JAMES G. O'HARA, Michigan
AUGUSTUS F. HAWKINS, California
WILLIAM D. FORD, Michigan
PATSY T. MINK, Hawaii (on leave)
LLOYD MEEDS, Washington
PHILLIP BURTON, California
JOSEPH M. GAYDOS, Pennsylvania
WILLIAM (BILL) CLAY, Missouri
SHIRLEY CHISHOLM, New York
MARIO BIAGGI, New York
IKE ANDREWS, North Carolina
WILLIAM LEHMAN, Florida
JAIME BENITEZ, Puerto Rico
MICHAEL BLOUIN, Iowa

ROBERT J. CORNELL, Wisconsin

PAUL SIMON, Illinois

EDWARD BEARD, Rhode Island
LEO ZEFERETTI, New York
GEORGE MILLER, California

RONALD MOTTL, Ohio

TIM HALL, Illinois

ALBERT H. QUIE, Minnesota
JOHN M. ASHBROOK, Ohio
ALPHONZO BELL, California
JOHN N. ERLENBORN, Illinois
MARVIN L. ESCH, Michigan
EDWIN D. ESHLEMAN, Pennsylvania
PETER PEYSER, New York
RONALD A. SARASIN, Connecticut
JOHN BUCHANAN, Alabama
JAMES M. JEFFORDS, Vermont
LARRY PRESSLER, South Dakota
WILLIAM F. GOODLING, Pennsylvania
VIRGINIA SMITH, Nebraska

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Fay, Richard H., Esq., Reed Smith Shaw & McClay..
Lamon, Harry V., Jr., general counsel, National Association of Pension
Consultants and Administrators, accompanied by Stanley H.
Hackett, associate general counsel..

Spencer, William L., president, Association for Advanced Life Under-
writing, accompanied by Gerald H. Sherman, counsel..
Prepared statements, letters, supplemental materials, etc.:

Fay, Richard H., Esq., Reed Smith Shaw & McClay, prepared state

ment of...

Lamon, Harry V., Jr., general counsel of the National Association of
Pension Consultants and Administrators, Inc.:

Exhibit A.

Exhibit B.

Sherman, Gerald H., counsel, Association for Advanced Life Underwriting, letter to Chairman Dent, dated August 4, 1976--

APPENDIX

Armstrong, Brent R., Esq., Suitter, Axland & Armstrong, letter to Chair-
man Dent, dated August 23, 1976..

Benson, Raymond, president, Ragnar Benson, Inc., letter to the Internal
Revenue Service, dated August 4, 1976, referred to Pension Task
Force by Congressman John N. Erlenborn.

Coan, Carl A. S., Jr., staff vice president and legislative counsel, National
Association of Home Builders, letter to Chairman Dent, dated August 27,

1976..

Standard Oil Co. (Indiana), statement of

(III)

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GENERAL OVERSIGHT OF ERISA

Part 2

TUESDAY, JULY 20, 1976

HOUSE OF REPRESENTATIVES,
COMMITTEE ON EDUCATION AND LABOR,

SUBCOMMITTEE ON LABOR STANDARDS,

Washington, D.C.

The subcommittee met at 10 a.m., pursuant to call, in room 2261, Rayburn House Office Building, Hon. John H. Dent (chairman of the subcommittee) presiding.

Present: Representatives Dent, Gaydos, Cornell, Ashbrook, and Erlenborn.

Mr. DENT. The subcommittee will come to order.

We are meeting this morning on the subject of oversight hearings on Public Law 93-406, The Employee Retirement Income Security Act of 1974. It has been said that the last shall be first and the first shall be last, so the last witness on the agenda this morning happens to be the only one present. So we'll hear from Mr. Harry V. Lamon, Jr., general counsel for the National Association of Pension Consultants Administrators. Good morning and good to see you again.

STATEMENT OF HARRY V. LAMON, JR., GENERAL COUNSEL OF THE NATIONAL ASSOCIATION OF PENSION CONSULTANTS & ADMINISTRATORS, INC., ACCOMPANIED BY STANLEY H. HACKETT, ASSOCIATE GENERAL COUNSEL

Mr. LAMON. Good morning, Mr. Chairman and members of the ommittee, my name is Harry V. Lamon, Jr., and I currently serve as general counsel to the National Association of Pension Consultants & Administrators, commonly called NAPCA. I am accompanied this erning by Mr. Stanley H. Hackett, associate general counsel of NAPCĂ.

As some of you may know, I also serve as a member of the Advisory Council to the Secretary of Labor on employee welfare and pension enefit plans, and am chairman of the small plans impact work group a member of the minimum standards work group of the Council. However, I am appearing today solely in my capacity as general Ansel to NAPCA.

As this committee may recall from previous appearances by NAPCA presentatives, NAPCA is a nonprofit, tax-exempt business league rich represents a very broad spectrum of persons who render services

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