TThe members of the American Business Conference (ABC), leaders of fast-growing, midsize firms, applauded the announcement of Senator Robert Bennett (R-Utah), that he would shortly introduce legislation, with the President's encouragement, to reform the Social Security System. The Senator's bill will not call for the establishment of personal retirement accounts. Summarizing the views of ABC members, John Endean, president of ABC, said:

"Although we continue to believe that private accounts should ultimately be part of Social Security reform, the continuing controversy over that feature should not delay the introduction of reform legislation.

"We have a pension and saving crisis in this country. It is not limited to Social Security, which faces severe financing problems. In the private sector, companies with underfunded pension plans recently reported a record shortfall of $354 billion. State and local government pension plans are similarly weak. The rate of private saving has about reached the vanishing point.

"In short, the 'three-legged stool' of retirement security -- Social Security, work-related pensions, and personal saving -- is fragile. It cannot, if left unchanged, bear the weight of our aging society. Solving this problem begins with reforming Social Security, a program that touches every American citizen. It is time to get to work. The introduction of legislation, we hope with bipartisan sponsorship, is the place to start."

The American Business Conference is a Washington-based coalition of chief executives of fast-growing midsize American companies. ABC members advocate policies to promote economic growth and a higher standard of living for all Americans.

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