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2003

On June 27, 2003, ASPPA President, Scott D. Miller, FSPA, CPC, testified before the ERISA Advisory Council on the need for participant investment advice. He testified that "Without the investment expertise to manage participants' own retirement savings and without reasonable and fair access to such expertise, the retirement security of a large segment of the American workforce is inherently at risk." Testimony

At a hearing on April 9, 2003, ASPPA Executive Director, Brian H. Graff, Esq., encouraged Treasury officials to finalize the proposed regulations governing cash balance plans. The regulations will lead to a significant number of new defined benefit plans, particularly among small and mid-sized employers, thereby providing defined benefits to millions of American workers who have never before had such benefits. Recently, interest in defined benefit plan coverage has increased as employees find it difficult to manage their 401(k) plan accounts. However, small and mid-sized businesses are not interested in traditional defined benefit plans because of their inherent funding uncertainties. Read complete testimony

March 6, 2003, Questions have been raised about the potential impact of the Administration's proposal on retirement savings, particularly savings by workers of our nations' small businesses. While the Administration's proposal may arguably address reasonably sound tax policy concerns about making sure that corporate income is taxed only once, it potentially could have an unintended, adverse impact on small business retirement plan coverage. more

On February 3, 2003, The Bush Administration has announced a major policy initiative intended to promote savings. Although ASPPA supports some aspects of the proposal designed to make it easier for small businesses to establish and maintain retirement plans for their workers, the proposal’s substantial expansion of tax-favored opportunities to save on an individual basis will eliminate the incentive for many small business owners to incur the cost and administrative burdens of establishing a retirement plan for their small business employees. Consequently, if this proposal is enacted, millions of our nation’s small business workers will be left without a meaningful opportunity to save for retirement. As Congress considers this proposal, ASPPA will be dedicated to modifying it in such a way that it does not harm small business retirement plan coverage. more