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AMBLIC EMPLOYEE-RETIREE REPRESENTATIVES LAUD LEGISLATORS; CALL ON ALL PARTIES TO MOVE AHEAD ON MUTUAL BENEFIT PLAN

 AMBLIC EMPLOYEE-RETIREE REPRESENTATIVES LAUD LEGISLATORS;
 CALL ON ALL PARTIES TO MOVE AHEAD ON MUTUAL BENEFIT PLAN
 TRENTON, N.J., July 22 /PRNewswire/ -- The Association of Mutual Benefit Life Insurance Contractholders (AMBLIC) today lauded the New Jersey Legislature for its success Monday in passing a bill that will protect the hundreds of thousands of individuals across the country who have entrusted retirement savings to Mutual Benefit Life Insurance Co.
 On Monday, the New Jersey General Assembly unanimously passed legislation that assures the priority of claims against the insurer by those with retirement savings in Mutual Benefit. Earlier, the New Jersey Senate passed the same legislation. Gov. Jim Florio is expected to sign the bill this week.
 "This is a crucial step in the on-going process of putting into place a rehabilitation plan for Mutual Benefit," said David Van Benschoten, chairman of AMBLIC.
 "But we are not finished yet. There is still much to be done before we have a plan that provides a safety net for the benefit of all Mutual Benefit pension-related contractholders."
 Van Benschoten said that with the New Jersey priorities bill in place, AMBLIC hoped that it could reach agreement quickly with the New Jersey Insurance Commissioner, Mutual Benefit and the insurance industry on fine-tuning the general agreement in principle reached earlier this month among the parties.
 "We hope everyone involved in the rehabilitation plan can now sit down and reach agreement on a plan that provides equal treatment for all of the various types of retirement savings that individuals across the country have entrusted to Mutual Benefit," Van Benschoten said.
 Among the points to be discussed, he said, are specific responsibilities of various state guaranty funds and the insurance industry for providing equal financial guarantees for all of the retirement savings with Mutual Benefit.
 AMBLIC represents a wide range of companies, public-sector organizations and non-profit groups whose more than half million individual current and retired employees have retirement savings invested with Mutual Benefit. In total, AMBLIC members represent over 80 percent of the more than $5.2 billion in retirement savings at stake in the insurer's rehabilitation.
 -0- 7/22/92
 /CONTACT: Frank Sommerfield of AMBLIC, 212-265-9150/ CO: Association of Mutual Benefit Life Insurance Contractholders ST: New Jersey IN: INS SU:


SM-SH -- NY038 -- 1846 07/22/92 11:21 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
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