The following is a statement from Brian H. Graff, Executive Director & CEO of The American Society of Pension Professionals & Actuaries (ASPPA) in response to the proposed Marketplace Fairness Act – S. 743.

“We oppose S. 743, the Marketplace Fairness Act, in its current form. The legislation would allow states to impose a financial transaction tax that would apply to American workers’ 401(k) contributions and other transactions within worker’s accounts.

Over 70 million workers could be affected since most transactions within these plans now take place over the internet. A financial transaction tax on 401(k) contributions and accounts could significantly reduce workers savings over time, threatening their retirement security. A clear exception for such transactions is needed.

ASPPA strongly recommends that this bill be referred to the Finance Committee for appropriate consideration of this and other unintended consequences before it is considered on the floor.”

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About ASPPA: 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.