Statement by the President Upon Approving Amendments to the Welfare and Pension Plans Disclosure Act.
I AM GLAD to approve these amendments to the Welfare-Pension Plans Disclosure Act. They correct serious deficiencies in the basic legislation and represent a major advance in our effort to protect the economic security of our labor force.
Now the Act will give the more than 44 million workers covered by welfare and pension plans greater assurance of accurate and full disclosures of plan operations. The reports required will now parallel those required in connection with the handling of the funds of labor unions.
At the present time, employee assets in our Nation's welfare and pension programs total nearly $60 billion; by 1970, they will total 190 billion. I believe that the men and women who are the beneficiaries of these programs have a right to expect that these vast sums of money--representing their future welfare--are protected by our laws.
In strengthening the law's safeguards and providing the Department of Labor with investigative authority to assure compliance, the new law will rectify the major weaknesses of the existing legislation. The beneficiaries of welfare and pension plans will be able to look to the future with confidence.
Note: The Welfare and Pension Plan Disclosures Act Amendments of 1962 is Public Law 87-420 (76 Stat. 35).
John F. Kennedy, Statement by the President Upon Approving Amendments to the Welfare and Pension Plans Disclosure Act. Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/236199