FOR IMMEDIATE RELEASE Press Release #105-332

May 28, 1998

ROTH URGES DEDICATION OF PORTION OF PROJECTED SURPLUSES TO CREATION OF PERSONAL RETIREMENT ACCOUNTS

WASHINGTON -- This week the Office of Management and Budget confirmed that

the federal budget surplus is estimated to reach $385 billion over the next

five years and $1.8 trillion over the next eleven years. Most of the

re-estimates contained in the Mid-Session review of the fiscal year 1999

budget are due to larger than expected federal revenues.

Senate Finance Committee Chairman William V. Roth, Jr. (R-DE) released the

following statement Thursday:

"The unexpected surge in federal budget surpluses -- $87 billion over the

next two years alone -- gives us an unprecedented opportunity to address

America's retirement security concerns. I think that we should use some of

this revenue to set up personal retirement accounts for all working

Americans, to get them up and running, proven and tested -- and let that

money go to work for our future retirees.

"I intend to introduce legislation within the next few weeks that would

dedicate a significant portion of these surpluses to establishing personal

retirement accounts. With such large surpluses and the power of compound

interest, the average American worker would have a substantial sum of money

available to him or her upon retirement. I hope that we can agree on

legislation to set up these type of accounts this year -- before Washington

spends the surplus."

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