ASPPA launches campaign to defend 401(k) plans from tax reform
Leading with a bullhorn and a battle cry, The American Society of Pension Professionals and Actuaries’ Executive Director and CEO Brian Graff called on attendees of the 2012 ASPAA annual conference to marshal their resources and get ready for what lies ahead — namely tax reform — and not allow history to repeat itself.
“I want to take you back 26 years ago, to 1986,” says Graff. “Ronald Reagan was in office. And just like today, the federal government was in dire need of tax reform in order to raise revenue. Many of you remember those days, and if you were working in this business back then, you certainly remember those days. 401(k) plans got whacked by 70 percent. Businesses terminated plans. Retirement plan professionals lost their jobs and businesses. And, unfortunately, our industry just wasn’t prepared. But it didn’t have to be that way.”
Toward that end, Graff announced the launch of “SaveMy401k,” a grassroots campaign to protect the tax incentives of employer-sponsored retirement plans from the threat of tax reform. The goal is to educate members of Congress and urge them to preserve the 401(k) tax incentives that are the foundation of American workers’ retirement savings.
“Campaigns of this scope usually cost millions of dollars. We don’t have that,” says Graff. “What we do have is a passionate group of retirement professionals and 60 million Americans who participate in 401(k) plans. Each of you has a network that touches providers, sponsors and participants. Together, your networks reach millions of Americans. The strategy is to mobilize retirement plan professionals and have everyone ready to reach out to their networks. We want Congress to feel our heat before they get immersed in tax reform. We need to educate them about why they should not mess with the 401(k) when seeking new sources of revenue.”
More information including a factsheet, flyer, animation, game, and outreach toolkit are available at www.savemy401k.com. Follow Save My 401k on Twitter (#SaveMy401k), on Facebook, or on YouTube.