ARLINGTON, VA., (February 1, 2012)—Partners of the 403(b) Transparency Taskforce including the National Education Association (NEA), the National Tax Sheltered Accounts Association (NTSAA) and The American Society of Pension Professionals & Actuaries (ASPPA) today launched the 403(b) Model Disclosure Form—the first ever transparency standards for disclosure of fees and services in the public school 403(b) marketplace.

Public school 403(b) plans are a crucial part of public education employee retirement plans and often the largest retirement asset over which they have complete control. Public school 403(b) plans are fundamentally different from 401(k) plans since participants don’t receive the same disclosure or protections. That’s why the industry-led 403(b) Transparency Taskforce created the form as a disclosure mechanism to simplify the process for administrators and participants.

With the new 403(b) Model Disclosure form, teachers and other school district staff will for the first time, have a simple uniform tool to make apples-to-apples comparisons among their 403(b) retirement plan investment options. The form is designed to offer public school employees simple and clear information about the services and fees associated with their retirement savings choices, so they can make the best decisions about their 403(b) retirement savings.

“Transparency benefits everyone in the 403(b) marketplace—that’s why we urge adoption of the 403(b) model disclosure form by public schools throughout the country. We believe that once these standards are in use, school employees will have a better handle on their retirement plan options. We maintain that improving transparency is a far better approach to improving the 403(b) marketplace, than taking away public school employees retirement choices,” said Brian Graff, Executive Director and CEO of ASPPA.

“NEA believes this disclosure tool will offer clear information for teachers and education support professionals to evaluate the 403(b) options offered by their employers and to make informed retirement planning decisions. The NEA is committed to offering its members the best resources to support their professional and personal lives, through its wholly owned subsidiary, NEA’s Member Benefits Corporation (NEA MB),” said Gary Phoebus, President and CEO of NEA MB.

“Our members are on the front lines as school administrators, helping school district employees save for their retirements. Our hope is that this comparison tool will aid administrators in this process and serve as a best practice to simplify and standardize investment provider information for school districts and their employees,” said Michael Johnston, Assistant Superintendent Clovis California Unified School District, President-Elect, California Association of School Business Officials (CASBO).

Members of the 403(b) community will have an opportunity to discuss the model disclosure tool at the upcoming NTSAA 403(b) Advisor Summit on February 8-10, 2012 and during a NTSAA-sponsored webcast on February 28 which will guide school administrators and 403(b) advisors through the disclosure tool and implementation process.

The 403(b) Model Disclosure Form is available here.   Watch our video on the background for creating the 403(b) Model Disclosure Form here.

###

The National Education Association (NEA) is the nation’s largest professional employee organization, representing 3.2 million elementary and secondary teachers, higher education faculty, education support professionals, school administrators, retired educators and students preparing to become teachers. NEA’s Member Benefits Corporation (NEA MB) is a wholly-owned subsidiary of the NEA charged with bringing additional value to Association membership by providing financial products and solutions tailored for NEA members and their families. For more information visit www.neamb.com

The National Tax Sheltered Accounts Association (NTSAA) is the only independent, non-profit association dedicated to the 403(b) and 457 marketplaces in the nation and represents practitioners, agencies, corporate, and employer members. The NTSAA mission is to provide members with high quality education, technical support, and information resources, as well as to offer a professional networking forum. For more information, visit www.ntsaa.org.

The American Society of Pension Professionals & Actuaries (ASPPA) is a national organization of more than 8,500 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. ASPPA is based in Arlington, Virginia, and has 20 regional ASPPA benefits councils (ABCs) providing local retirement plan employee benefit professionals with opportunities to participate in ASPPA activities in their local communities. www.asppa.org

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(LOS ANGELES—January 11, 2012) There was an immediate and strong reaction from the financial investment community when the Department of Labor’s Employee Benefits Security Administration (EBSA) proposed new regulations on October 10, 2010 to update and expand the definition of fiduciary for purposes of ERISA.

Prior to the new proposal, the determination of who is a fiduciary under ERISA was ascertained by applying a five-part test that was outlined in DOL regulations in place since 1975 – more than 30 years ago. The retirement plan industry and financial investment community have changed dramatically since then, especially with the rise of the 401(k) plan and the rapid growth of IRAs as retirement money became more portable. The DOL believed the five-part test was obsolete and the regulations as a whole needed an overhaul. Thus, EBSA proposed the new regulations to bring the definition of fiduciary in line with the times.

However, the DOL wasn’t quite prepared for the “tremendous and passionate” negative outcry from both the financial investment community, retirement plan industry and members of Congress on both sides of the aisle who argued that the new definition was too ambiguous and broad. The dominate concern seems to be that almost all persons who “touch” a retirement vehicle in any investment capacity, such as simply offering investment education or materials, would become a fiduciary under ERISA. While not agreeing with this assertion, EBSA announced on September 19, 2011 that it would withdraw the proposed regulations and re-propose them sometime in early 2012 to address these concerns. Most hoped this announcement meant that the issue would quietly go away and fade into oblivion.

However, Phyllis Borzi, Assistant Secretary of Labor for EBSA, made it very clear when she spoke as the keynote speaker at the 2012 Los Angeles Benefits Conference that a new definition of fiduciary was not a dead issue and that the DOL was fully committed to modernizing the fiduciary regulations to provide protection against investment advice that may line the advisor’s pockets more than it helps the retirement plan participant with their future retirement needs. “Because that’s what the consumer thinks they are getting–sound, unbiased, personalized advice in their best interest–and that’s what they deserve because they are going to rely on that advice….We do have a desire to make sure that when those individuals and when those small employers are given advice by a professional, or at least someone who holds themselves out as a person with expertise in investment matters, that they can literally and legally rely on that advice.”

It is not known how the DOL’s wish to offer this broadened protection will be reconciled with the influential financial investment community’s firm desire to maintain the status quo. Assistant Secretary Borzi did not offer any specifics at what would be changed or added in the re-proposed regulations but she did hint that they may include some special exemptions from the prohibited transaction rules where it is obvious that the participant would benefit from such exemption. At this point, all we in the retirement plan industry can do is speculate and wait, anxiously or with trepidation, for the new fiduciary regulations to be announced as they now certainly will be.

—Annette Blach
Benefits Advisory & Compliance Consultant
Towers Watson
San Diego, California

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The primary purpose of the ASPPA research paper is to highlight the problems with cash flow accounting for retirement saving tax expenditures. Further, the paper discusses the appropriate measure of the tax expenditure benefit of defined contribution retirement plans. The empirical estimates demonstrate the variability in tax expenditure estimates, depending upon the underlying assumptions.

The author of the blog incorrectly characterizes certain assumptions about the empirical work supporting the ASPPA publication. It is important to note that the blog author did not contact the authors of the paper prior to posting the comments; therefore, it is difficult to determine the source for these assumptions.

That said, any tax expenditure estimate is just that – an estimate. Estimates are sensitive to a variety of assumptions (e.g. current and future tax rates for defined contribution participants, rates of return on those contributions, the deferral periods, and withdrawal patterns) and therefore, may vary widely even when starting with the same baseline deferrals. Thus, arguing in absolutes, when discussing tax expenditures estimates for pension benefits, is misguided.

Instead it is important to focus on the primary point of the paper – cash flow estimates for pension tax expenditures overstate these tax expenditures relative to other tax provisions:

• Problems with Cash Flow Accounting – Each year the staffs of the Congressional Joint Committee on Taxation (JCT) and the Treasury Department’s Office of Tax Analysis (OTA) publish estimates of Federal tax expenditures. Because people often consider tax expenditures ⁽¹⁾ as representing the cost of loopholes in the Federal income tax system, these tax expenditure estimates generate considerable attention. Policymakers use tax expenditure estimates to identify possible sources of increased revenues, often targeting the largest tax expenditures as possible sources of revenue raising proposals.

In the case of retirement savings provisions, the current cash-flow method for calculating tax expenditures measures the sum of the taxes that would otherwise be paid on retirement savings contributions made during the year and the tax-exempt earnings on all existing retirement savings plans accrued during the year minus taxes paid on all withdrawals from retirement savings that occur during the year. This cash-flow measure overstates the value of retirement savings provisions in absolute terms. As the Administration states in its annual budget, “these [cash-based] estimates do not accurately reflect the true economic cost of” providing deferral of tax. This overstates the value of the tax expenditure relative to provisions that provide a current deduction, exclusion, or credit.⁽²⁾

• Appropriate Measure of Pension Tax Expenditures – The cash flow method fails to measure the actual tax benefits of retirement savings contributions and as a result, distorts the size of the retirement saving tax expenditures relative to other tax expenditures.

• Retirement savings provisions create two tax benefits – The primary benefit of tax-exempt earnings on retirement savings and a secondary benefit if taxpayers face lower marginal tax rates when they withdraw retirement savings than the tax rates they faced when contributing to retirement savings. Measuring the two tax benefits on a present value basis for contributions made during a year provides a fair comparison to other tax expenditure estimates.

Estimates of retirement saving tax expenditures are sensitive to a number of assumptions and these assumptions can result in a wide range of estimates. Nevertheless, the fundamental point is accurate – a cash flow estimate of the tax expenditure results in the material overstatement of retirement saving tax expenditures relative to other types of tax expenditures.

[1]  The JCT submits a report containing these estimates to the House Committees on Ways and Means and Budget and the Senate Committees on Finance and Budget.  The OTA includes estimates of tax expenditures in the President’s annual budget submission to the Congress. 

[2]  Theoretically, there is a question as to whether retirement savings provisions should be characterized as tax expenditures at all.

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MEDIA ADVISORY

Event:  The ASPPA 401(k) SUMMIT is a national forum for professionals in the 401(k) marketplace. More than 1,200 retirement plan practitioners join experts and business leaders to discuss major trends, best practices, and legislative and regulatory activity that impact the industry. Attendees include a diverse group of 401(k) retirement plan professionals including actuaries, attorneys, plan administrators, registered investment advisors (RIAs), third-party administrators (TPAs), and other investment professionals.

More than 120 industry exhibitors will share their products and technology in the 401(k) industry and will offer onsite sponsor and exhibitor workshops.

The SUMMIT kicks off with a keynote presentation by James Carville and Mary Matalin. In addition, journalists will hear from retirement and financial experts on key issues including the definition of fiduciary, fee disclosure regulations, and responses to Department of Labor (DOL) investigations. For more information, view the brochure.

Dates: March 18-20, 2012 (Sunday – Tuesday)
Time: 8am – 6pm

Agenda Highlights:

• Volunteer Project: Building Homes in New Orleans (Saturday, March 17, 8:30am – 4:30pm)
  Sponsored by ASPPA & Rebuilding Together New Orleans (RTNO)
• Keynote: Current Political Outlook (Sunday, March 18)
  Presented by James Carville & Mary Matalin
• Trends Panel and Leadership Award (Sunday, March 18)
  Finalists for the 2012 Morningstar ASPPA 401(k) Advisor Leadership Award
  Moderated by Morningstar
• From the Hill to the SUMMIT (Monday, March 19)
  Brian H. Graff, ASPPA, Arlington, VA
• Preparing for DOL Investigations (Monday, March 19)
• Dr. Froelich’s Financial Predictions for 2012 (Monday, March 19)
  Dr. Bob Froelich, Executive Vice President & Chief Investment Strategist for Wealth Management, The Hartford
• The Evolution of Target Date Funds (Monday, March 19)
• How Multiple Employer Plans (MEPs) Could Shape the Future (Monday, March 19)
  Ilene H. Ferenczy, The Law Offices of Ilene H. Ferenczy, Atlanta, GA
  Jim Kais, Transamerica Retirement Services, New York, NY
  David Levine, Groom Law Group, Washington, D.C.
• Legislative & Legal Update – A Look at Future Legislation & Guidance (Tuesday, March 20)
  Ilene H. Ferenczy, The Law Offices of Ilene H. Ferenczy, Atlanta, GA
• National Association of Plan Advisors (NAPA) – Changing Washington (Tuesday, March 20)
  Brian H. Graff, ASPPA, Arlington, VA
  Marcy Supovitz, Boulay Donnelly & Supovitz Consulting Group, Inc., Worcester, MA
• How Much is a Free Lunch? Digesting Fee Disclosure Regulations (Tuesday, March 20)
  Jason C. Roberts, Pension Resource Institute, Manhattan Beach, CA

Location:
Ernest N. Morial Convention Center
900 Convention Center Boulevard | New Orleans, LA 70130-1799
Tel: 504.582.3023

RSVP: Media interested in attending the ASPPA 401(k) Summit should contact Melinda Semadeni, Director of Media Relations, at msemadeni@asppa.org or (703) 516-9300 or register online here. For more information, view the brochure or website.

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ARLINGTON, VA (January 13, 2012) – The American Society of Pension Professionals & Actuaries (ASPPA) today announced their official publication The ASPPA Journal will now be known as Plan Consultant magazine.

“Since 1997, The ASPPA Journal has served as the official publication of ASPPA with a focus on technical content. A survey of ASPPA’s growing community of diverse retirement professionals prompted the redesign of the publication from a scholarly journal to a less formal magazine format. ASPPA has grown as an organization and our magazine reflects that evolution from first The Pension Actuary newsletter issued in 1975, to The ASPPA Journal in 1997, and now Plan Consultant magazine,” said Robert Richter ASPPA President.

Plan Consultant will continue as a quarterly magazine designed to help retirement plan professionals improve their skills, enhance their knowledge, and conduct their business in a way that is professional, ethical, efficient and creative. Written by industry leaders and experienced retirement planning professionals, Plan Consultant has been re-tooled to provide practical, how-to processes and case studies that retirement plan professionals can use in their own practices.

“Readers will notice that Plan Consultant features a fresh design organized into distinct sections that will provide something for every discipline covered by ASPPA’s membership. Technical articles include actuarial/defined benefit plans, compliance, administration and recordkeeping, legal issues and tax information, government affairs and regulatory issues. Practice management articles include education and CPE, ethics, technology, marketing, and general business practices. Our hope is members will look to Plan Consultant for continuing education, networking opportunities, advocacy updates, and productivity improvement information,” said Steve Sullivan editor of Plan Consultant magazine.

Plan Consultant magazine circulates to more than 8,500 ASPPA members. The inaugural January 2012 issue includes articles on investment policy statements and fiduciaries, In-plan Roth rollovers, legislative update and re-cap from the 2011 ASPPA Annual Conference.

Contributions of letters to the editor, story and sales ideas, opinions, and finished articles are welcome at the editor’s email box.  Read the online version of Plan Consultant magazine by visiting our website: www.asppa.org/pc.

# # #

 About ASPPA: The American Society of Pension Professionals & Actuaries (ASPPA) is a national organization of more than 8,500 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. www.asppa.org

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Event: Retirement professionals gather with industry experts and business leaders in Las Vegas at the NTSAA 403(b) Advisor Summit to discuss the state of the business, major industry trends, and the impact of new legislation and regulations on the 403(b) and 457(b) plans marketplace. Attendees include accountants, attorneys, broker/dealers, plan sponsors and various other investment professionals.

Journalists who cover personal finance, retirement, taxes, or financial planning will hear from practitioners, experts, and officials from the Internal Revenue Service (IRS) on various topics affecting the not-for-profit and public retirement plan markets. For more information, view the brochure.

Dates:  February 8-10, 2012 (Wednesday – Friday)
Time:  8 am – 6pm

Agenda Highlights:

• Washington & Regulatory Update (Thursday, February 9)
  Brian H. Graff, ASPPA, Arlington, VA
• How to be Profitable in a Not-For-Profit World (Thursday, February 9)
• Audits & Defect Corrections: Enforcement & Common Plan Issues (Thursday, February 9)
• Similarities & Distinctions between 403(b) & 457(b) Plans (Thursday, February 9)
  David W. Powell, The Groom Law Group, Washington, D.C.
  Cheryl Press, Office of Chief Counsel, Internal Revenue Service (IRS), Washington, D.C.
• Ask the Experts: Open Floor Discussion (Friday, February 10)
  Ellie A. Lowder, TSA Consulting and Training, Tucson, AZ
  David W. Powell, Groom Law Group, Washington, D.C.
  Robert J. Toth, Jr., Law Office of Robert J. Toth, Jr., Fort Wayne, IN
• Market Outlook & Changing Business Landscape (Friday, February 10)
  Moderated by Brian H. Graff, ASPPA, Arlington, VA
• Benefits of Greater Employee Participation in Group Plans (Friday, February 10)
• Emerging Roles of TPAs, Recordkeepers and the Impact on Advisors (Friday, February 10)
  Susan D. Diehl, PenServ Plan Services, Inc., Horsham, PA

Location:
Caesars Palace
3570 Las Vegas Blvd South Las Vegas, NV 89109
Phone: 866.227.5938

RSVP: Media interested in attending the 403(b) Advisor Summit should contact Melinda Semadeni, Director of Media Relations, at msemadeni@asppa.org or (703) 516-9300 or register online here . For more information, view the brochure or website.

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ARLINGTON, VA, (January 6, 2012) – The National Tax Sheltered Accounts Association (NTSAA) released the report from their third annual 403(b) Compliance Resolution Summit in Dallas today.

The NTSAA 403(b) Compliance Resolution Summit is a forum for 403(b) professionals to identify service issues and develop best practices for the resolution of those issues. The first NTSAA Summit was held in 2009, as a response to widespread service issues—mainly with public school district and community college administrators sponsoring 403(b) non-ERISA plans.

“The Summit draws an array of industry participants who commit to honestly discuss compliance issues in the ever-changing 403(b) regulatory arena. The focus of the annual Summit is to examine common operational and compliance problems that are prevalent in the 403(b) marketplace and provide real working solutions and share these with practitioners through our Best Practices Manual,” said Ellie Lowder, consultant, TSA Training & Consulting Services and NTSAA Advisor.

The 2011 Summit included more than 100 participants, including representatives from the Internal Revenue Service (IRS), the Association of School Business Officials (ASBO), consultants, attorneys and advisors.

Discussion topics included:
• Fee Disclosure Guidance: How rules will impact 403(b) plans subject to ERISA.
• Participant Advice and Fiduciary Issues
• De-Selected Service Providers & the Audit requirements for ERISA 403(b) Plans
• Plan Terminations, Individual Contracts and Provider Disclosures
• Written Plan: Form and Following It’s Terms

“The compliance summary report identities problem areas where best practices need to be established and features recommendations for current issues like fee disclosure—which impacts virtually everyone in the 403(b) marketplace. We also, with the assistance of the American Institute of Certified Public Accountants (AICPA) thoroughly discussed problems with 403(b) ERISA plan audits. In addition, the report includes check lists, glossaries, and forms that are essential in understanding and adopting the best practices. I encourage anyone involved in the 403(b) market to read the report and consult the Best Practices Manual—together these provide an invaluable tool kit for the 403(b) ERISA and non-ERISA market,” said Lowder.

The current edition of NTSAA Best Practices Manual is available for purchase online or at the NTSAA 403(b) Advisor Summit in February 2012. NTSAA will hold their fourth annual NTSAA 403(b) Compliance Conference in Las Vegas, May 3-4, 2012. Read the full report from the NTSAA 403(b) Compliance Resolution Summit here.

 # # #

The National Tax Sheltered Accounts Association (NTSAA) is the only independent, non-profit association dedicated to the 403(b) and 457 marketplaces in the nation and represents practitioners, agencies, corporate, and employer members. The NTSAA mission is to provide members with high quality education, technical support, and information resources, as well as to offer a professional networking forum. For more information, visit www.ntsaa.org.

The American Society of Pension Professionals & Actuaries (ASPPA) is a national organization of more than 7,500 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. ASPPA is based in Arlington, Virginia, and has 20regional ASPPA benefits councils (ABCs) providing local retirement plan employee benefit professionals with opportunities to participate in ASPPA activities in their local communities. www.asppa.org

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Event:  Retirement professionals and government officials meet to discuss regulatory, legislative, and administrative issues in the retirement arena. Participants include accountants, attorneys, actuaries, benefits & HR directors, investment professionals, and third party administrators.

Journalists who cover personal finance, retirement, taxes, or financial planning will hear from practitioners, industry experts, and leaders from the Department of Labor (DOL) and Internal Revenue Service (IRS).

The program, co-sponsored by the Internal Revenue Service (IRS), National Institute of Pension Administrators (NIPA), Western Pension & Benefits Conference (WP&BC) and ASPPA, focuses on exchanging information and educating attendees about current regulatory, legislative, administrative and actuarial topics. For details on workshops, view the brochure.

Dates:  January 11 – 13, 2012

Agenda Highlights:

•Washington Update (Wednesday, January 11)
Brian H. Graff, ASPPA, Arlington, VA
Andrew E. Zuckerman, Internal Revenue Service (IRS), Washington D.C.
•Current State of ERISA Litigation (Wednesday, January 11)
Elizabeth Hopkins, U.S. Department of Labor (DOL), Washington, D.C.
Howard Shapiro, Proskauer, New Orleans, LA
• Keynote by IRS Deputy Commissioner (Wednesday, January 11)
Joseph H. Grant, Deputy Commissioner, Tax Exempt & Government Entities Division (TEGE),
Internal Revenue Service (IRS), Washington, D.C.
• Department of Labor (DOL) Current Guidance (Wednesday, January 11)
Fil Williams, U.S. Department of Labor (DOL), Washington, D.C.
• Update On Cash Balance Plans (Thursday, January 12)
• Service Provider and Participant Disclosures (Thursday, January 12)
• IRS 401(K) Questionnaire (Thursday, January 12)
• IRS Questions & Answers (Thursday, January 12)
Rhonda Migdail, Internal Revenue Service (IRS), Washington D.C.
Monika A. Templeman, Internal Revenue Service (IRS), Baltimore, MD
Andrew E. Zuckerman, Internal Revenue Service (IRS), Washington, D.C.
Moderator: Craig P. Hoffman, ASPPA, Arlington, VA
• Post-Conference Session – Department of Labor (DOL) Enforcement (Friday, January 13)

Location:
JW Marriott L.A. Live
900 West Olympic Boulevard, Los Angeles, CA 90015
Phone: 213.765.8600 www.lalivemarriott.com

RSVP:  Media interested in attending the Los Angeles Benefits Conference should contact Melinda Semadeni, Director of Media Relations, at msemadeni@asppa.org or (703) 516-9300 to register. For more information, view the brochure at www.asppa.org/labc

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DOL Delay Requires Practitioners to Request Extension to Meet Compliance

ARLINGTON, VA, (December 20, 2011) – The following is a statement from Craig P. Hoffman, General Counsel and Director of Regulatory Affairs of The American Society of Pension Professionals & Actuaries (ASPPA) and the Council of Independent Recordkeepers (CIkR) responding to the U.S. Department of Labor’s (DOL) ongoing delay in the issuance of the 408(b)(2) final regulation.

“ASPPA and CIkR maintain their support of the DOL’s efforts to improve fee disclosure for individual account plans. Unfortunately the application of both the interim 408(b)(2) and 404(a) regulations is only three months away and the DOL has not issued the final guidance needed to create systems to comply with the regulations.

Given the delay in finalizing the regulation, significant uncertainty remains about what will ultimately be required. One example is whether the 408(b)(2) regulation will require a summary disclosure statement and if so, what will be the parameters for compliance. It’s crucial that sufficient time be provided to build the infrastructure necessary to support the new disclosure regime which requires considerable systems work. Our members have told us engineers are already in the process of rewriting software code and programs to accommodate the new disclosure requirements, but additional time will be needed after the regulation is issued because only then will the final system design specifications be known.

ASPPA and CIkR recommend an extension of the applicability date for the 408(b)(2) and 404(a) regulations to ensure an orderly transition period. We believe the extension of the transitional rule under the 404(a) regulation is insufficient relief given the delay in finalizing the 408(b)(2) regulation as well as the ongoing review of electronic disclosure standards under the Employee Retirement Income Security Act of 1974 (ERISA). For these reasons, we ask that the effective date for these regulations be no earlier than one year after the 408(b)(2) regulation is published in final form.

We have provided extensive comments to the DOL at every step of the fee disclosure process. As we near the ‘finish line,’ it is crucial that DOL give providers enough time to make the required system changes to implement the final rules.”

For more detail on ASPPA and CIkR’s recommendations to the DOL read our comment letter or watch our regulatory update.

# # #

About ASPPA: The American Society of Pension Professionals & Actuaries (ASPPA) is a national organization of more than 7,500 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.

About CIkR: The Council of Independent 401(k) Recordkeepers (CIkR) is a national organization of 401(k) plan service providers. CIkR members are unique in that they are primarily in the business of providing retirement plan services as compared to financial services companies who primarily are in the business of selling investments. Collectively the members of CIkR provide services for over 68,000 retirement plans covering 2.8 million participants and holding in excess of $120 billion in assets.

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