LETTER OF TRANSMITTAL JANUARY 10, 1954. . H. ALEXANDER SMITH, EAR MR. CHAIRMAN: In accordance with the mandate of Senate lution 225, as amended by Senate Resolution 270 (83d Cong., ess.), I have the honor to submit an interim report of the Subnittee on Welfare and Pension Funds. me report represents a survey of about 6 months' duration relating he establishment and administration of collectively bargained re and pension funds and covers as broad an area as our limited rces of time, funds, and personnel permitted. is hoped that our findings will be of some assistance to the ittee and to the Congress in deciding whether further remedial ation is desirable and necessary in the public interest. Sincerely yours, IRVING M. IVES, Chairman, Subcommittee on Welfare and Pension Funds. III CONTENTS Page vi 5 owledgments_ Introduction__ A. Background and authority of the subcommittee_ Development and present status of welfare and pension plans A. Evolution and development__ B. Size and scope of group employee benefit plans.. C. Collective bargaining and other factors as motivation for D. Characteristics of plans in terms of benefits, cost, and ad- E. Comments.. Field investigations. A. Introduction_ Insurance and welfare funds_-_ A. Group insurance practices_ B. Group insurance commissions... E. Insurance company costs.. F. Competition_.. Scope and effectiveness of existing public and private regulatory controls... A. Introduction__ B. Federal controls. 50! 1. Legislative history... 2. Practical effectiveness of sec. 302_ 3. The problem of enforcement. 4. The problem of disclosure__ C. State supervision and regulation_ 1. Rights and remedies of beneficiaries_ D. Union controls. Authority and responsibility of Federal agencies--. A. United States Department of Labor... B. Department of Health, Education, and Welfare. 41 ACKNOWLEDGMENTS The subcommittee wishes to acknowledge and express its apprecis tion for the valuable research work and other assistance contributed by the American Law Division of the Legislative Reference Service. Library of Congress, and the Research and Statistical Division Social Security Administration of the Department of Health, Educa tion, and Welfare. |