ASPPA applauds Obama's proposals for strengthening the priva

 

Thursday, Mar 05,2009, 5:22:20 PM   Click:

Arlington, Virginia - The American Society of Pension Professionals & Actuaries (ASPPA) applauds the efforts of President Obama to expand retirement savings automatic, including the individual retirement accounts (IRA) and a saving of expansion of credit for retirement savings contributions. These efforts are included in the budget for fiscal year 2010, including the President submitted to Congress today.

The budget proposal would require employers who do not offer a pension plan to enroll employees automatically in a direct deposit IRA program. Employees have the option not to participate in the savings arrangement. The budget also requests an extension of credit Saver that families with incomes up to $ 65,000 per year with a refundable credit of 50 percent of the first $ 1,000 of retirement contributions.

"ASPPA supports the President's proposal to require automatic IRA for employees not covered by a plan," said Brian Graff, ASPPA executive director and CEO. "Automatic IRA will increase savings in the workplace and encourage employers to get involved in the qualified pension plan. The standby credit refundable, not only to help families save for retirement, but also to encourage them to save. "

ASPPA has been a strong advocate of work for retirement savings and repayment, the strengthening of the standby credit. ASPPA Obama also supports the agenda of improving disclosure to pension plan participants.

ASPPA is a national organization of more than 6,500 pension plans to provide professional advice and administrative services for retirement plans covering millions of American workers. ASPPA members are retirement professionals of all disciplines including consultants, administrators, actuaries, accountants and lawyers. The broad membership gives an unusual insight into the current problems with the employee Retirement Income Security Act and qualified retirement plans with special emphasis on problems encountered by small and medium enterprises. ASPPA membership is diverse and united by a common commitment to the private pension system.