MEDIA ADVISORY

PENSION RIGHTS CENTER JOINS EMPLOYEES, MEMBERS OF CONGRESS IN ASKING TREASURY TO HALT PENSION REGULATIONS.

FOR IMMEDIATE RELEASE, APRIL 7, 2003

The Pension Rights Center will join Members of Congress,
employee activists, unions and retiree groups at two press events to support
the "Pension Benefits Protection Act of 2003" introduced by
Congressman Bernard Sanders and Congressman George Miller to provide strong protection for older employees in cash balance conversions.

The first event, featuring Members of Congress, the AFL-CIO, AARP and the Pension Rights Center will be held on Tuesday April 8 at 12:00 p.m. at 2456 Rayburn House Office Building and focus on the new legislation. The second event, later the same day, will feature employee activists from a range of companies including IBM, Verizon and AT&T who will hold an informal press briefing at 3:00 p.m. at 2174 Rayburn House Office Building to give reporters a chance to hear their stories and to discuss the testimony they will present to the Internal Revenue Service and the Treasury on the proposed
regulations on Wednesday and Thursday.

"The Administration has issued proposed regulations that will give a green light to companies to continue an unfair practice that devastates the retirement security of older employees," says Karen Friedman, the Pension Rights Center's Director of Policy Strategies.

The Pension Benefit Protection Act of 2003 would require that
the Department of Treasury withdraw its proposed regulations and would
ensure that if companies convert to cash balance plans they would have to
give employees a choice at retirement age to either stay in the
traditional plan or move to the cash balance plan.

"Employees by the thousands have complained about how cash
balance conversion have robbed them dramatically of expected
benefits," says Friedman. "The Administration should heed the protests of
workers and drop these regulations now."

Norman Stein, a professor at the University of Alabama School of
Law, will testify on behalf of the Pension Rights Center at the IRS
hearing on Wednesday April 9, 2003. According to Professor Stein, there is
no legislative authority for the Administration to issue the proposed
regulations that would legitimize cash balance conversions that unfairly
and unlawfully penalize older employees. The Secretary should not
issue regulations endorsing cash balance plans but rather continue the
moratorium on determination letters until Congress resolves the complex policy issues involved in this issue.

Contact: Karen Friedman (202) 296-3776