REMINDER/MFS Chair Robert Pozen to Testify on Social Security before Congressional Joint Economic Committee

Business Wire,  March 10, 2004  

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News Editors/Business Editors/Assignment Desks/Political Writers

REMINDER...for Wednesday (March 10)

--(BUSINESS WIRE)

EVENT:      MFS CHAIR ROBERT POZEN TO TESTIFY ON SOCIAL SECURITY
            BEFORE CONGRESSIONAL JOINT ECONOMIC COMMITTEE

            Joint Economic Committee Holds Hearing on "Helping
            Americans Save"

DATE:       Wednesday, March 10, 2004

TIME:       10:00 am

LOCATION:   Dirksen Senate Office Building
            Room 628
            Washington, DC
            202-224-5171

CONTACT:    John F. Reilly
            MFS Investment Management
            617-954-5305 (office)
            617-510-9480 (cell)

Robert C. Pozen, non-executive chairman of MFS Investment Management, will call on Congress to supplement Social Security with private retirement plan incentives during his testimony before the Joint Economic Committee's hearing on "Helping Americans Save" on Wednesday, March 10. Pozen will outline a series of steps to promote private savings in order to ensure that American have secure retirements:

-- Strengthening the federal income tax credit for contributions

to Individual Retirement Accounts and other tax deferred

retirement plans by making the credit refundable for

households with incomes below $50,000.

-- Requiring employers that do not offer any type of retirement

plan to send 1 percent of each employee's wages to a new

"ULTRA-SIMPLE" retirement account.

-- Bolstering Social Security's finances by gradually introducing

price indexing of initial benefits for middle and high-wage

workers while maintaining wage indexing for low-wage workers.

Also testifying at the hearing chaired by U.S. Senator Robert Bennett (R-Utah) will be Richard Thaler, Professor of Behavioral Economics and Finance at the University of Chicago, and Ric Edelman, a nationally recognized financial advisor and founder of Edelman Financial Services in Fairfax, Virginia.

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