PSCA TESTIFIES BEFORE HOUSE WAYS AND MEANS COMMITTEE ABOUT 401(K) FEE

CHICAGO -- BUSINESS WIRE (November 1, 2007) - David Wray, President of the Profit Sharing / 401(k) Council of America (PSCA), speaking on behalf of PSCA, the National Association Of Manufactures, The ERISA Industry Committee and the United States Chamber of Commerce testified in support of increased 401(k) fee transparency between service providers and plan sponsors as well as concise, effective and efficient fee disclosure to participants. He also indicated support for the regulatory approach to address this issue currently underway at the Department of Labor (DOL). “We support the DOL’s efforts,” Wray said. “While legislative oversight of DOL’s fee disclosure efforts is appropriate, we believe the regulatory process is the best approach to enhancing fee transparency.” A copy of the written testimony can be found on the PSCA Web site.

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.