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ASPPA to Testify on Retirement Savings Proposals at Senate Finance Committee Hearing

admin | September 14, 2011 | 0 Comments

ARLINGTON, VA, (September 14, 2011) – The following is a statement from Brian Graff, CEO and executive director of the American Society of Pension Professionals & Actuaries (ASPPA), in advance of Director of Retirement Policy Judy A. Miller’s testimony before the U.S. Senate Finance Committee regarding Tax Reform Options: Promoting Retirement Security on Thursday September 15 at 10:00 am.

“Simply put, Americans save at work because it works. 401(k) plans have proven to be incredibly successful at getting moderate income workers to save. According to the Employee Benefits Research Institute, over 70 percent of workers making between $30,000 and $50,000 save when covered by a workplace savings program—by comparison less than 5 percent of those same workers save on their own when not covered by a plan. When evaluating any retirement policy proposal the critical question that needs to be asked is whether it will improve access to workplace retirement plans.

Given existing pressures on Social Security, this is not the time for a massive experiment with workers 401(k) plans. The system needs a tune-up not an overhaul. ASPPA supports proposals that increase access and participation in employer based retirement plans like those passed in the Pension Protection Act of 2006. The key to promoting retirement security is expanded workplace savings and increased incentives for small business owners to sponsor retirement plans.”

ASPPA’s testimony will be available onsite or at www.asppanews.org Thursday morning. A live webcast of the hearing will be available on the Senate Finance committee web site at http://finance.senate.gov/

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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.