Employee Retirement Income Security Act Transfers Statement on Congressional Action on Reorganization Plan No. 4 of 1978.

I welcome the Congress approval of the ERISA reorganization plan.

This reorganization plan, the fourth to be submitted and become effective this session, can be implemented right away and will have immediate tangible results. It will reduce jurisdictional overlap and duplication by clearly dividing responsibility for ERISA regulation between the Departments of Labor and Treasury. It will reduce substantially ERISA's administrative burden on both businesses and labor unions by reducing the time required to process applications for exemptions from prohibited transactions and accelerating the issuance of the remaining regulations. ERISA has been a symbol of unnecessarily complex governmental regulation, and this plan will simplify significantly the administration of the act.

I want to thank Chairmen Ribicoff and Brooks, Senators Javits, Bentsen, and Williams, and Congressmen Dent, Ullman, Gibbons, Pickle, Conable, and Erlenborn for their support and leadership on this plan.