    [Public Papers of the Presidents of the United States: William J. Clinton (1995, Book II)]
    [December 7, 1995]
    [Pages 1858-1859]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Letter to Congressional Leaders on Proposed Legislation To Protect
    Retirement Plan Savings
    December 7, 1995

    Dear __________:
        Since the beginning of this Administration, we have worked together
    to protect the retirement savings of hard-working Americans. Last year,
    Congress passed legislation proposed by the Administration that secured
    the retirement promises made to over 40 million workers in traditional
    pension plans.
        Now we must all act to ensure that the savings of the 22 million
    American workers who put their hard-earned money into 401(k) plans are
    safe. We need to make certain the government has the tools to assure
    American workers they can put their savings--and their trust--into a
    system that will be there when they need it most.
        I urge you to swiftly approve legislation we sent to Congress in
    July that would give both private auditors and the government new
    strength and more effective tools with which to enforce the law and
    prevent abuse of employee retirement savings by unscrupulous employers.
        My Administration has consistently urged Americans to save for their
    retirement--a message echoed by financial planners, consumer groups and
    virtually everyone who has considered this issue. But Americans need to
    know their savings are safe if they are to follow this sound advice.
        While the vast majority of employers fully respect and protect their
    employees' savings, some employers are abusing that trust. Last week,
    the Department of Labor, which protects private pensions, urged
    consumers to watch for warning signs to protect their 401(k)
    investments. The Department of Labor's Pension and Welfare Benefits
    Administration has begun a nationwide enforcement initiative that has
    already uncovered the misuse of millions of dollars of contributions by
    workers. Over $3.5 million has already been returned to workers; 310
    investigations remain open, and more cases are coming.
        On July 6, Secretary of Labor Reich transmitted to Congress the
    ``ERISA Enforcement Improvement Act.'' Our legislation would help in
    early identification of potential abuses, strengthen pension plan
    auditing and subject abusers to new penalties. Since July, we have
    worked with members of Congress and the financial community to develop a
    bipartisan consensus to protect our workers.
        I am sure you agree with the 22 million Americans who place their
    faith and trust in 401(k) plans that this is an issue of protection, not
    partisanship.

    [[Page 1859]]

        I strongly urge you to give this important legislation your
    immediate attention, and urge that it be enacted before the end of the
    year. America's workers shouldn't be asked to wait a day longer.
            Sincerely,

                                                                Bill Clinton

    Note: Identical letters were sent to Senators Robert Dole, Thomas
    Daschle, Paul Simon, Edward M. Kennedy, Nancy Kassebaum, and
    Representatives Newt Gingrich, Dick Gephardt, Patsy T. Mink, Harris W.
    Fawell, William F. Goodling, William Clay, and Matthew G. Martinez.