PSCA APPLAUDS REPRESENTATIVES PORTMAN AND CARDIN ON APTLY NAMED PENSION PRESERVATION AND SAVINGS EXPANSION ACT OF 2003

WASHINGTON, DC (April 14, 2003) - The Profit Sharing / 401k Council of America (PSCA) applauds Representatives Rob Portman and Ben Cardin for introducing the Pension Preservation and Savings Expansion Act of 2003. The bill sets a strong foundation for the next generation of pension reform legislation that will break down barriers that prevent workers from being offered a retirement plan at work. As the evidence amply supports, having a plan available at work is the single most crucial element in obtaining retirement security.

Accelerating contribution limit increases, making all the EGTRRA retirement provisions permanent, and improving SIMPLE plans will result in more employer-provided retirement plans. Major improvements in the Saver’s Credit should make participation irresistible for eligible workers. This combination of legislative ideas is exactly what America needs to prepare all workers for retirement security.

"As in the past, we look forward to working with Rob Portman and Ben Cardin as the legislation proceeds," notes PSCA President David Wray, adding, "It’s important that we build upon the important legislation enacted in 2001."

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.