PSCA Surveys Plan Sponsors on Impact of Tax Reform on Retirement Savings
CHICAGO, IL, May 24, 2017 -- The Plan Sponsor Council of America (PSCA) has launched a survey (https://www.cvent.com/d/v5qx8h) of employers who sponsor retirement savings plans to gather their insights on possible changes to tax preferences for those plans. PSCA expects to announce survey results in June.
"Today, more than 100 million Americans participate in tax-qualified retirement savings plans and Congress is discussing actions that would significantly change the tax treatment of those plans," said Jack Towarnicky, PSCA Executive Director. "Our survey results will help inform policymakers on how certain changes may affect access to and participation in retirement plans."
PSCA's survey seeks to gauge the impact of limiting or eliminating pre-tax contributions to plans that qualify under various tax code provisions including 401k, 403(b), etc. Congress is considering reducing or eliminating pre-tax contributions as part of a plan to raise tax revenues and offset anticipated losses in budget tax receipts from lowering marginal income tax rates.
PSCA has also scheduled a Washington, D.C. Fly-In for its members on June 12 at the Hyatt Regency Washington, 400 New Jersey Avenue. The Fly-In will include a discussion of the survey results as well as presentations and panel discussions with the Internal Revenue Service, the Department of Labor, and Senate and House staff. For more information or to register for this event, visit www.psca.org/events.
"We have seen significant improvements in participation and saving rates following changes that were part of the Pension Protection Act of 2006," said PSCA Board Chair Kenneth Raskin. "Changing tax preferences now could interrupt that progress. For comparison, we saw more than a 60% reduction in contributions to Individual Retirement Accounts (IRAs) after the Tax Reform Act of 1986 changed the tax treatment of IRA contributions for just a minority of America's workers.
"As the voice of America's plan sponsors and retirement savers, it is critical that PSCA educate Washington's policymakers on the potential impact that changes to the tax code could have on qualified retirement plans and on American workers' preparation for retirement."
To participate in the survey, go here: https://www.cvent.com/d/v5qx8h.
About the Plan Sponsor Council of America
The Plan Sponsor Council of America (PSCA) is a diverse, collaborative community of employee benefit plan sponsors, working together on behalf of millions of employees to solve real problems, create positive change, and expand on the success of America's voluntary, employer-sponsored retirement system. With members representing employers of all sizes, PSCA offers a forum for comprehensive dialogue. By sharing our collective knowledge and experience as plan sponsors, PSCA also serves as a resource to policymakers, the media and other stakeholders as part of its commitment to improving retirement security for millions of Americans. For more information, visit www.psca.org.
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