The ERISA Industry Committee is calling on the Clinton administration not to hastily issue a policy statement on cash balance and other hybrid pension plans in response to requests from lawmakers.
In a June 15 letter to Treasury Secretary Lawrence Summers and Labor Secretary Alexis Herman in anticipation of such a statement, the Washington-based group urged the administration to note that employers have been remaking their plans for business reasons and not to cut costs, as alleged by participant groups and employees of many companies that have made the switch.
