February 18,1999

INCREASING SAVINGS FOR RETIREMENT TO BE FOCUS OF FINANCE COMMITTEE HEARING


WASHINGTON -- The Senate Finance Committee will hear testimony on retirement savings on Wednesday, February 24th, Committee Chairman William V. Roth, Jr., announced today. Two panels of witnesses will focus on the current status, availability and effectiveness of tax-favored savings vehicles, such as IRAs, 401(k)s, 403(b)s and 457 plans.

This hearing will be held on Wednesday, February 24th, in room 215 Dirksen, beginning at 10 am. The following witnesses have been invited to testify:

Panel I
Matthew Fink, President, Investment Company Institute
John McCormick, President, TIAA/CREF Enterprises
Peter J. Smail, President, Fidelity Institutional Retirement Services Company
Ray Pool, Administrator, State of Oklahoma Deferred Compensation Plan

Panel II
Paula Calimafde, Esq., Paley, Rothman, Goldstein, Rosenberg & Cooper
Thomas D. Terry, Of Counsel, The Groom Law Group
G. Joseph Votava, Esq., CPA/PFS, Nixon, Hargrave, Devans & Doyle LLP