401(k) is America’s Retirement Plan
Data shows from Wall Street to Main Street—the 401(k) is How America Saves
ARLINGTON, VA, (February 25, 2013) – The American Society of Pension Professionals & Actuaries (ASPPA) joins more than 775 organizations in support of 2013 America Saves Week (ASW)—a movement designed to encourage Americans to take financial action to begin or increase their saving efforts. This is the fifth year that ASPPA participates as an America Saves Week partner.
More Americans save at work than any other way through contributions to their employer sponsored retirement plan. Research from the Employee Benefit Research Institute (EBRI) shows more than 75% of full-time employees have access to a plan at work. Moderate income workers are 14 times more likely to save at work than those not covered by an employer plan. The 401(k) and similar plans have become the primary method for building financial security with 65.7% of families’ assets in these accounts compared with 34.3% in other financial assets. (View infographic here.)
“ASPPA members have retirement on their minds every day of the year since their daily job is helping Americans save for retirement. America Saves Week offers an impetus to remind us we can all do more to encourage savings to help prepare workers shore up their financial future. ASPPA and our 11,000 plus members are committed to expanding workplace savings opportunities to even more workers and advocates to improve the retirement security for all American workers,” said Brian Graff, ASPPA executive director and chief executive officer.
ASPPA joins with more than 775 organizations including financial institutions, consumer groups, government agencies, local campaigns, employers, educators, non-profits, and the military to help Americans recognize the need to increase their savings to ensure both their financial security as well as the nation’s financial health. America Saves Week partners have a diverse collection of savings tips, tools, public service announcements, and saver stories, including a checklist to evaluate their savings progress, at www.americasavesweek.org.
America Saves Week is coordinated by the America Savings Education Council, a program of the non-profit Employee Benefit Research Institute, and America Saves, a program of the non-profit Consumer Federation of America.
ASPPA is a Proud Participant in America Saves Week
February 25-March 2, 2013
The American Society of Pension Professionals & Actuaries (ASPPA) is a national organization of more than 11,000 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.