PSCA JOINS IN GROUP EFFORT TO URGE SENATE TO ENACT PERMANENCY OF THE EGTRRA SAVINGS AND PENSION PROVISIONS

WASHINGTON (March 15, 2006) - The Profit Sharing/401(k) Council of America joined a large and diverse group of organizations and employers on a letter to the pension bill conferees urging them to include in the conference report the provision in the House legislation that makes the pension and savings provisions in the Economic Growth and Tax Relief Reconciliation Act of 2001 permanent. The Senate pension bill does not include the provision.

“Achieving permanency of the 2001 provisions is, by a very wide margin, the single most important element for employers who sponsor defined contribution plans in the pending legislation,” said PSCA President David Wray. “We are doing everything in our power to achieve permanency now rather than later – we may never get this opportunity again, and the consequences for savers are enormous.”

Full Text of the Letter

The Profit Sharing/401(k) Council of America (PSCA), a national non-profit association of 1,200 companies and their 6 million employees, advocates increased retirement security through profit sharing, 401(k) and related defined contribution programs to federal policymakers and makes practical assistance with profit sharing and 401(k) plan design, administration, investment, compliance and communication available to its members. PSCA, established in 1947, is based on the principle that “defined contribution partnership in the workplace fits today’s reality.” PSCA's services are tailored to meet the needs of both large and small companies with members ranging in size from Fortune 100 firms to small, entrepreneurial businesses.