Business Groups Form Social Security Coalition

With Social Security reform expected to be a top priority in the 106th Congress, which convenes in January, 40 groups announced formation last week of a new coalition to communicate business' views and coordinate business' lobbying on the issue. Called the Campaign to Save and Strengthen Social Security, the broad-based alliance includes such organizations as the Business Roundtable, U.S. Chamber of Commerce, the National Assn. of Manufacturers, the National Federation of Independent Business, the Heritage Foundation, the American Farm Bureau Federation, the National Restaurant Assn., the Alliance for Worker Retirement Security, Economic Security 2000, and Third Millennium. Three principles will guide the coalition's work, spokesmen announced. They are:

  • Preservation of existing benefit levels for the currently and near-retired.
  • Permitting workers to invest a portion of their FICA contributions into individually controlled and owned Personal Retirement Accounts.
  • Protecting all retirees with a government-guaranteed "safety net."
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