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IRA Rate Offer Called Illegal

March 19, 1985|Associated Press

SAN FRANCISCO — Atty. Gen. John Van de Kamp's office said in a letter released today that a savings and loan's day-old offer of higher Individual Retirement Account interest rates for women is illegal and urged the company to reconsider.

Deputy Atty. Gen. Marian Johnston said the offer by Continental Savings of America violates the state's civil rights law. Without announcing any legal action against Continental, she said that if the S&L proceeds with the plan, the attorney general's office will contend that men are entitled to the same higher interest rates as women.

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