ARLINGTON, VA (November 26, 2012) – The American Society of Pension Professionals & Actuaries (ASPPA) today launched the Save My 401k campaign to defend more than 60 million American workers’ 401(k) plans from congressional budget cuts.
“The single most important factor in determining if a worker is saving for retirement is whether or not there is a plan at work. Last time Congress took up tax reform in 1986, employees’ 401(k) plans were cut by 70%, resulting in a mass termination of plans,” said Brian Graff ASPPA’s Executive Director and Chief Executive Officer.
Save My 401(k) is a grassroots campaign to protect the tax incentives of employer-sponsored retirement plans from the threat of tax reform. The goal is to educate members of Congress and urge them to preserve the 401(k) tax incentives that are the foundation of American worker’s retirement savings.
According to data from the Employee Benefit Research Institute (EBRI) more than 70% of workers earning from $30,000 to $50,000 participate in their employer 401(k) plans, compared with only 5% who save for retirement without a plan at work. Given these plans growing importance—when families have a retirement savings account—those savings represent more than 65% of their financial assets.
“We understand Congress needs to reduce the debt and raise revenue but raiding the tax incentives for 401(k) plans will put American workers’ retirement security at risk. Tens of millions of Americans participate in these retirement plans, and 80% of them earn less than $100,000 per year. This is a battle that American workers simply can’t afford to lose,” said Graff.
Members of the public, retirement plan professionals, employers and ASPPA members are being asked to contact members of Congress to urge them to preserve the retirement savings tax incentives that encourage employers to offer 401(k) plans and employees to utilize them.
ASPPA is also working with its sister organizations—NAPA, NTSAA, CIkR, ACOPA—and other industry partners to encourage American workers to contact their elected representatives in Congress by visiting www.SaveMy401k.com.
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About ASPPA: The American Society of Pension Professionals & Actuaries (ASPPA) is a national organization of more than 10,000 retirement plan and benefits professionals that serves as the educator, voice, and advocate for the employer-based retirement system. ASPPA members are administrators, actuaries, advisors, attorneys, accountants, and other financial services professionals who provide consulting and administrative services for qualified retirement plans.
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