Slate of Proposed Improvements Would Expand Coverage, Ease Administrative Burdens

The following is a statement from Brian H. Graff, Executive Director & CEO of The American Society of Pension Professionals & Actuaries (ASPPA) in support of S. 1270, the Secure Annuities for Employee (SAFE) Retirement Act of 2013, filed yesterday in the U.S. Senate:

“ASPPA applauds Senator Orrin G. Hatch (R-UT), ranking member of the Senate Finance Committee, for introducing The SAFE Retirement Act of 2013, with meaningful proposals to build on the success of the employer-based private retirement system.

The private retirement system provisions in Title II of the Act would expand the availability of qualified retirement plans, especially for small businesses. For example, the Act includes a new “Starter 401(k)” option, and would provide employers with additional time after the end of the year to set up a company retirement plan. Reducing administrative burdens will also improve access, and the SAFE Retirement Act would significantly reduce administrative burdens through provisions such as streamlined plan amendment and restatement processes, and common sense rules for electronic disclosure to plan participants and beneficiaries. These are just a few of the many provisions in this bill that would improve retirement security and simplify the rules for plan sponsors and participants.

As an organization of more than 15,000 members helping America prepare for retirement, ASPPA commends Senator Hatch for offering this thoughtful legislation, and urges its consideration to improve retirement security for our nation’s workers.”

For more detail on the Secure Annuities for Employee (SAFE) Retirement Act of 2013,
visit this page.

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About ASPPA: The American Society of Pension Professionals & Actuaries (ASPPA) is a national organization of more than 15,000 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. For more information, visit www.asppa.org.