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2005

On June 30, 2005, ASPPA Executive Director/CEO, Brian H. Graff, Esq., APM, testified before the Senate Finance’s Subcommittee on Taxation and IRS Oversight, stating that certain tax reform proposals, such as those that would reduce or eliminate the taxation on capital gains and dividends, would undermine the employer-sponsored retirement system, which has been successful in encouraging low- to moderate-income workers to save. [Testimony]

On September 21, 2004, ASPPA President Bruce L. Ashton, Esq., APM, testified before the ERISA Advisory Council on Fee and Related Disclosures to Participants. In his testimony, Ashton urged that full and fair disclosure be provided to plan participants to enable them to make informed investment decisions and to more effectively manage their retirement assets. Ashton stated that ASPPA recommends that to enable plan participants to make a fully informed investment decision, disclosure of those fees and expenses charged to their individual accounts should be provided in a meaningful and understandable format. [Testimony]

 

On August 3, 2004, Janice M. Wegesin, CPC, presented testimony on behalf of ASPPA before the ERISA Advisory Council on Employee Welfare and Pension Benefit Plans Working Group on "Health and Welfare Form 5500 Requirements." In her testimony, she stated "[t]he first problem an employer faces with welfare benefit plans is that it does not know whether a given benefit program constitutes an ERISA plan and, in many cases, may not even know enough to ask that question. As a result, Form 5500 filings are not prepared when needed." [Testimony]

 

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