DAVID WRAY NAMED CHAIR OF THE DEPARTMENT OF LABOR'S ERISA ADVISORY COUNCIL

WASHINGTON (June 1, 2004) - U.S. Secretary of Labor Elaine L. Chao named David Wray as the chair of the 2004 Advisory Council on Employee Welfare and Pension Benefit Plans. Wray, President of the Profit Sharing/401(k) Council of America is beginning his third year on the advisory council; last year he served as vice chair.

The ERISA Advisory Council, as it is more commonly known, consists of 15 members appointed by the Labor Secretary to three- year terms. The members represent various stakeholders in the employee benefits world. The duties of the council are to advise the Secretary and submit recommendations regarding the Secretary's functions under ERISA.

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.