Senate adds the Clark amendment

The Senate votes to let employers with their own pension plans opt out of the federal old-age program. The change was later dropped in conference.

Record description: To amend H.R. 7260, the Social Security act, by permitting companies which had established private pension plans, which were at least equally favorable or more favorable to the employee tham the plan set up under the provisions of the bill as a government plan, to be exempted from the provisions of the bill and to continue the operation of the private plan provided it met the requirements of the amendment and was approved by the board set up by the bill itself. (H.R. 7260)