Oklahoma City Times (Oklahoma City, Okla.), Vol. 89, No. 249, Ed. 2 Thursday, December 7, 1978 Page: 3 of 65
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I
OKLAHOMA CITY TIMES
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Thursday. December 7 1978
- • •
PE
A Proud Tradition of Quality. .
i —
'•llllNUt-.
“The Joy of Christmas shopping,
you’ll find it at Penn Square."
Fifty stores with thousands of
unique gift ideas, plus value,
quality and personal service.
A time bomb
in|y- under the ^retire-
ment plans of U.S. busi-
nesses.
By Jerome Idaszak
Chicago Sun-Times
PENN SQUARE
842-2242
Fine Jewelers Since 1910
2010 Penn Square Shepherd Mall
Heritage Park Mall/Norman
Use one of Rosentield's convenient charge plans or
American Express. BankAmericard, Master Charge
Mail and Phone Inquiries Invited: (405) 848-3303 946-9911
Please add sales tax where applicable plus $2 for postage
and handling.
100% Cashmere scarf
Brown or Gray $57 50
y
lor home or office
by
PARK SHERMAN
At Penn Square's Motor Bank,
you can BSP FOR BUCKS!
- -
Gift
Wrapped
Free
HERITAGE PARK MALL
Reno A Air Depot
1937 SQUARE
848-5505
ZIZANIE The ultimate
cologne 2 oz Aluminum
bottle $6 50 _
OPEN EVENINGS
and
SUNDAYS
'TIL
CHRISTMAS
Open Evenings
A Sundays
Most stores are open longer hours for
your shopping convenience:
Mon.-Sat., 10 a.m.-9 p.m.
Sundays, 1-6 p.m.
Finn SQUARE
Santa Photos
Meet Santa In the
Main Square. Free
gifts for everyone
Mon.-Sat., 11 a.m.-8 p.m.
Sundays, 1-5 p.m.
The investment tax
credit currently ap-
■ plies to capital inten-
« give ‘industries, but
that's a good bet to
change next year,
i Curtis said, creating an
explosion of ESOPs
across the nation.
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Athlete’s
U^WFoot
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giftable
Gallery.
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DESK ACCESSORIES A
7
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Genuine Ostrich
billfold Tan By Bosea
$75 00
c
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MAflHNE
Penn Square Bartrt Automate TUhr
13
Pennsylvania and NW Expressway • P.O. Box 18607
• Oklahoma City. Oklahoma 73118 Member F.D.I.C.
A CORDLESS ELECTRIC PONCA SHARPENER
Makes perfect point Uses 4 AA batteries (not included) $12
B. CORK REVOLVING CUM OEM ORGANIZER
Include, pu*n pms pencils and memo pad 9.50
C CORDLESS ELECTRIC MEMOMATK
Pines starter for continuous paper supply Stops when released
Uses large aiding machine rolls Uses 2 "C" batteries
(not Included)
D TELEPHONE INOEX
Include® 3x5 memo pad and
pencil base 9.50
the emerald green of Christmas
Aglow with diamonds in these emerald rings from
an exciting collection In 14 & 18k gold. The tender
green of emerald conveys love's message beautifully.
A. $275. B. $600. C. $1025. D. $2000.
iiiusrraligns enlarged to show detail
Use one of our convenient credit plans or Master Charge Visa. American Express
Phone inquiries invited (405) 848-2671
If you liked R2-D2 in Star Wars you'll
love his cousin "PEETY"
■
Wrap Up a Warm-Up
for Your
Star Athlete!
Give you favorite athlete a special
Christmas gift that's warm as toast,
fits into a small package and doesn't
rattle . .. wrap up a racy new warm-
up suit hot off our racks.
The Athlete's Foot has all the latest
colors and designs for men, women
and children. Shown is our indigo
blue ladies hooded velour in a
machine washable blend of 80%
arnel and 20% nylon. $29 95
Contrasting ivory and chocolate
brown distinguish our men's rib
collar and cuff warm-up by Adidas.
$74.95
Over 40 different styles & color
combinations for Men, Women and
Children. Prices start at $14.95
•zs
in days of yore
the Chinese sage trav-
eled the countryside
by donkey, in search
of wisdom and truth.
The antique-finished
sculpture in- iron, 13"
tall, 90.00. From a col-
lection of the
in The Gift
Penn Square.
SQUARE
. N.W. Expressway & N. Pennsylvania
The issue involves
•whether voting rights
Ion stock acquired by
[employee benefit plans
be passed through to
the employees. The
'proposition may sound
bland, but it could
mean that manage-
ment would surrender
control over decisions
involving mergers, li-
quidations and other
company matters.
The tax law passed
by Congress last month
stipulates that in 1980
"if an employer whose
stock isn’t publicly
traded adopts a pen-
sion plan, profit-shar-
ing plan, stock bonus
plan or ESOP, which in-
vests more than 10 per
cent of its assets in em-
ployer stock, employ-
ees must have voting
rights on that stock."
Because it applies to
stock not publicly
traded, the group of
companies affected
would be small. But
Jack Curtis, tax coun-
sel to the U.S. Senate
Finance Committee
said, "Anyone who says
it doesn't apply to MY
people is wrong. Next
year or the year after,
they'll be passing
through voting rights
on all qualified plans.”
Curtis works near the
elbow of Sen. Russell
Long, D-La., finance
committee chairman
who says business exec-
utives should howl now
or suffer the conse-
quences of a proposed ,
change involving bene- I
fit plans.
The Senate Finance
Committee expects to
receive a study next Ju-
ly from the Treasury
department on voting
rights and financial
disclosures for ESOPs.
Some in Treasury want
the pass-through of vot-
ing rights, which Long
will oppose, in order to
increase the attraction
of Employe Stock Own-
ership Plans.
(An ESOP basically
is a benefit plan that
buys the company's
stock only, thereas a
typical pension plan in-
volves investment in a
group of stocks. The ad-
vantage of the broader
base is less reliance on
the ups and downs of
the general stock mar-
ket. ESOPs put all the
benefit eggs in one
basket.)
Long is counting on
businessmen to tell
their congressmen such
pass-through of voting
rights would sink the
growth of ESOPs and
other similar benefit
plans.
Giving employes a
stake in the firm is
Long's way of promot-
ing capitalism. He be-
lieves that few workers
share in the system
today, so the future of
capitalism Is in peril.
"Rather than favoring
plans to redistribute
wealth today, he sees
ESOPs as a way to
share the wealth of
tomorrow," Curtis said.
As proof that ESOPs
are growing, Curtis
pointed to Peoples Gas,
UAL Inc., General Elec-
tric and General
Motors. Big companies
were slow to install I
ESOPs because the ma-
jor benefits of such
plans initially were I
aimed at small, closely I
held companies. But I
that changed with the 1 I
per cent investment tax I
credit approved in
1975. What it can mean
to a big company, I
Curtis said, is seen with I
AT4T, which will get a I
$159 million credit in I
1979.
’’S'V’
These unique Corum watches are com-
pletely handcrafted in Switzerland from
authentic gold coins. $20 gold piece for
men, $5 gold piece for women. A. Man's
automatic, $3,950. B. Woman's $3,200.
■■/-I
E. HANO-EL* INDEX -
with 250 index cards for alpha-
betical information 6.50
24 HR TELERHONE ORDERS S4O-O311 SHOP - MON thru SAT. - 10 am to 030 pm
His
': ‘ \
1
k ESOPs
A
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Standard, Jim. Oklahoma City Times (Oklahoma City, Okla.), Vol. 89, No. 249, Ed. 2 Thursday, December 7, 1978, newspaper, December 7, 1978; Oklahoma City, Oklahoma. (https://gateway.okhistory.org/ark:/67531/metadc1801089/m1/3/: accessed June 16, 2024), The Gateway to Oklahoma History, https://gateway.okhistory.org; crediting Oklahoma Historical Society.