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Show Harriott urges reform Citing the ineffectiveness of the Employee Retirement Income Security Act (ERISA), (ER-ISA), Congressman Dan Marriott (R- Utah) told over 2,200 life underwriters at a meeting in W ishingtonthat they should develop their own solutions to reverse the decline de-cline in pension plans and take it to Congress rather than waitforCongresstoact. Marriott made the remarks during an address at a convention con-vention of the Association for Advanced Life Underwriting (AALU) at the Capitol Hilton Hotel. Marriott said ERISA (which he says should stand for "Every Rotten Idea Since Adam") was established in 1974 to help encourage and control retirement plans. "Instead it has caused a major decline in the number of newplans being created,". He noted that in 1975 there were 14 new plans being established for every one being terminated. In 1976 it was 3.7 for every one. In 1977, it was 1 for 1. "That means we're terminating ter-minating security in the work force," he said. "Now that ratio is even less than 1 to 1, and we're losing ground," said Marriott. Mar-riott. "Qualified plans have a significant place in our society, and I think we ought to do all we can to see that the bureaucrats are not given a free hand to destroy that part of the private sector," he added. Marriott, a member of the House Small Business Committee and professional pension consultant himself, urged the AALU and its sister sis-ter groups to come up with their own solution. |