THE ARIZONA

By FRANK DAVIS executive vice president

DENSTON PLAN controls were re-

I cently passed by the Senate and tacked onto House Bill HR. 4200.

It has the following provisions:

* overhauls the private pension system.

* provides that after five years of employment, workers would be entitled to2570 of pension benefits, 5Vo after l0 years and lWTo after l5 years oralternative. l$Vo after l0 vears.

*.establishes an employer-financed federal insurance system to guarantee payment of benefits.

* requires that employers pay an annual tax of one dollar per employee covered by a pension plan beginning in r975.

* states that all pension plans will meet minimum 30-year financing standards.

* sets up fiduciary standards to prevent misuse of pension funds.

* stipulates that services performed by a worker before the law goes into effect will be credited for vesting purposes.

* establishes a voluntary portability proqram for the transfer of workers' ieniion credits when shifting from one