The campaign, which revolves around the savemy401k.com
microsite, asks financial advisers and other retirement plan professionals,
investors, plan sponsors and ASPPA members to contact their congressional
representatives to ask them to protect the tax incentives that encourage
employers and employees to participate in 401(k) plans. The website lets
visitors send a pre-written e-mail, which they can edit, to their representative with just a click of a mouse. ASPPA is also partnering with
other industry groups on the campaign, including the National Association of
Plan Advisers (NAPA), the National Tax Sheltered Accounts Association (NTSAA)
and the Council of Independent 401(k) Recordkeepers (ClkR).
“We understand Congress needs to reduce the debt and raise revenue, but raiding the tax incentives for 401(k) plans will put American workers’ retirement security at risk,” said Brian Graff, ASPPA executive director and chief executive officer. “The single most important factor in determining if a worker is saving for retirement is whether or not there is a plan at work. Last time Congress took up tax reform in 1986, employees’ 401(k) plans were cut by 70%—resulting in a mass termination of plans.”
ASPPA points to data from the Employee Benefit Research Institute (EBRI) that shows that more than 70% of workers earning between $30,000 and $50,000 participate in their 401(k) plan, compared with only 5% who are saving for retirement without a plan at work. Additionally, 401(k) balances represent more than 65% of these investors’ financial assets.
More information about the campaign is available at Save My 401k.