Lawmakers today introduced the Clinton administration's proposal that...

Lawmakers today introduced the Clinton administration’s proposal that would require companies to give workers better information when they reduce future pension benefits in cash balance conversions. The "Pension Reduction Disclosure Act’’ would require companies to inform workers about the changes at least 45 days ahead and give examples of how the changes would affect specific groups, such as those older than 50. The examples would include comparisons with benefits earned under the old plan; and the information would have to state if workers would not accrue any new benefits under the new plan for a period of years. Large companies also would have to describe the benefits formulas for the old and the new plans. Workers also could request individual statements within a stated period of time. Identical bipartisan legislation was introduced in the House by Reps. Robert Matsui, D-Calif., and Jerry Weller, R-Ill.; and co-sponsored by Reps. Kent Bentsen, D-Texas, Earl Pomeroy, D-N.D., and Sue Kelly, D-N.Y. In the Senate, it was introduced by Sens. Daniel Patrick Moynihan, D-N.Y., and James Jeffords, R-Vt.; and co-sponsored by Patrick Leahy, D-Vt., Charles Robb, D-Va., John D. Rockefeller IV, D-W.Va., and Bob Kerrey, D-Neb.