CHICAGO (September 2, 2005) - There’s reason to be excited to return to work after the long Labor Day weekend. Employees across the country will celebrate 401(k) Day on Tuesday, Sept. 6, 2005. Created by the Profit Sharing/401(k) Council of America, 401(k) Day is designed to celebrate and raise awareness about the benefits of saving for retirement by participating in profit sharing and 401(k) plans. To make the day a true success, PSCA has created an innovative, fun, and useful program to help employers educate their employees about their 401(k) plans. An eye-catching superhero theme, and the tagline “You Don’t Have to be a Superhero to Have a Super Retirement,” run throughout a series of posters, brochures, mailers, word find games, and much more, all designed to educate employees about the benefits of participating in a 401(k) plan. This year, in conjunction with 401(k) Day, PSCA is offering an additional benefit to its members for the celebration. A participant Web cast, titled “401(k): A Plan That Pays,” offers informative insight into the benefits of participating in a company’s 401(k) plan. In addition to motivating participation in 401(k) plans, the Web cast demonstrates the importance of starting to save early, how easy it is to contribute in a 401(k) plan, how 401(k) participation decreases participants’ tax bills, and much more. Additionally for member companies, PSCA makes available all of the 401(k) Day material in Spanish. Sponsors of National 401(k) Day say the event is one more tool to focus the national mindset on saving for retirement. "The savings message faces stiff competition from enticing appeals to spend, spend, spend," said Daniel J. Houston, senior vice president, Principal Financial Group. "The good news is there is a wake-up call in this country to reduce consumption and reverse the trend of under saving. National 401(k) Day is a simple but effective way for employers to drive the retirement savings message home to their employees." 401(k) day is an easy, simple way for employers to spark interest in saving at the workplace because employers want their employees to use and appreciate retirement plans, and employees need to save more for retirement. Although 401(k) Day officially falls on Sept. 6, it can be celebrated any day of the year. Employers can use the program materials anytime and can cater their celebrations to when it would be most effective and convenient for their workforce. "We know plan sponsors want to encourage their employees to save more for retirement and that's why we each year we see more and more companies celebrating National 401(k) Day," said David Wray, PSCA President. "While we are suggesting the celebrations take place September 6 this year, we encourage employers to celebrate 401(k) day any of the year, whenever it is most convenient for their organization. Any day can be 401(k) day." PSCA also provides posters, banners, flyers, interactive games, and more to companies and organizations that offer 457 plans to their employees. A 457 plan is a non-qualified tax-deferred compensation plan that works similar to a 401(k) plan. Tax code section 457 provides rules to govern all nonqualified deferred compensation plans of governmental employees and non-church controlled tax-exempt organizations. National 401(k) Day is supported by the nation’s leading retirement plan providers and is sponsored in part by: ADP Retirement Services, AMVESCAP Retirement Services, Charles Schwab Corporate Services, Fidelity Investments, John Hancock Financial Services, MFS Retirement Plan Services, Principal Financial Group, T. Rowe Price, and Kavya Web Designs. |
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. |