President Clinton has offered to compromise on a Republican tax package that includes pension provisions, so long as it provides "meaningful protections for workers affected by cash balance conversions as well as incentives for low- and middle-income workers to save for retirement, he wrote in a letter today to House Speaker J. Dennis Hastert, R-Ill. Mr. Clinton also asked that the Republican pension legislation include changes suggested by the Treasury Department.
Mr. Hastert rejected the presidents offer. "I believe that this work product is the result of a hard-fought compromise, he wrote to Mr. Clinton. "Perhaps the most important provision of this bill is the 401(k)/IRA expansion bill that enjoyed the overwhelming support of the Congress. This bipartisan provision will give Americans of all ages more resources for their retirement security.