---------- Forwarded message ----------
Date: Fri, 12 APR 1996 3:40:46 PDT
From: Reuters <[EMAIL PROTECTED]>
Newgroups: clari.usa.top
Subject: Wall Street Applauds Clinton Pension Plan
WASHINGTON (Reuter) - Wall Street applauded President
Clinton's pension plan proposals, saying the initiatives would
boost pension and retirement plans, adding security to assets of
those plans.
Marc Lackritz, president of the Securities Industry
Association, said Clinton's move ``is a major step forward in
addressing the nation's needs for more savings incentives to
prepare for retirement.''
Lackritz noted Thursday that the U.S. has the lowest savings
rate among industrialized nations and savings amassed by baby
boomers for retirement are insufficient to meet their retirement
needs.
Clinton's initiatives addresses these challenges, Lackritz
said, adding the President's action is ``thoughtful and
innovative.''
At the same time, Lackritz said the White House should
consider other components to increase the nation's pool of
savings.
Among other things, Lackritz proposed a fully deductible
individual retirement account for all taxpayers, regardless of
income, allowing for the use of those funds after a holding
period to buy a house of pay for college education.
The SIA has a membership of about 700 securities firms
throughout North America.
