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CSEA ENDORSES TRANSFER OF DEFERRED COMPENSATION FROM GREAT WESTERN

CSEA ENDORSES TRANSFER OF DEFERRED COMPENSATION FROM GREAT WESTERN
 SACRAMENTO, Calif. May 4 /PRNewswire/ -- The Executive Committee of the California Sate Employees Association has voted to recommend that state workers transfer their deferred compensation accounts from Great Western (NYSE: GWF) to one of the other companies offering 457 and 401k plans.
 The action follows Great Western management's refusal to reconsider its financial support for the governor's Taxpayer Protection Act, an initiative which would allow the governor to impose 5 percent pay cuts whenever he declares a fiscal emergency and when state workers are without a collective bargaining agreement. The Taxpayer Protection Act, best known for its welfare provisions, would also shift control of the budget from the Legislature to the governor.
 "CSEA had no choice but to recommend that its members stop doing business with Great Western. Our money is almost certainly part of the financial contribution Great Western is making to the governor's initiative campaign," said CSEA President Yolanda Solari.
 "It's ludicrous to think state employees would entrust their retirement savings to a firm that supports a measure giving the governor the power to ignore the collective bargaining law by unilaterally cutting state workers' pay," Solari added.
 Great Western holds $1.3 billion in some 64,000 state workers' deferred compensation accounts. In the first quarter of this year alone, those accounts earned $8.06 million for Great Western's banking operation, more that 10 percent of its profits.
 Unconfirmed reports last week from the Department of Personnel Administration, which administers the state's deferred compensation department, indicate that state employees are already transferring an average of $500,000 per day from Great Western to plans maintained by other companies.
 CSEA represents 130,000 active and retired state employees.
 -0- 5/4/92
 /CONTACT: Pat McConahay of CSEA, 916-326-4379/
 (GWF) CO: California State Employees Association, Great Western Financial ST: California IN: FIN SU:


MC-MM -- SF008 -- 6199 05/04/92 16:31 EDT
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Publication:PR Newswire
Date:May 4, 1992
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