Press Release

Legislation Will Help Tribal Governments Employees Achieve Retirement Security

WASHINGTON, DC, November 24, 2003 -- The Profit Sharing/401k Council of America (PSCA) applauds Representative J.D. Hayworth for introducing HR 3605, the Governmental Pension Plan Equalization Act of 2003, that clarifies that retirement plans sponsored by Indian tribal governments will be afforded the same treatment as retirement plans sponsored by federal, state, and local governments.

HR 3605 eliminates the uncertainty surrounding the status of these retirement plans that has chilled the willingness of some tribal governments to offer retirement plans to their workers. The legislation recognizes that tribal governments, like other governments, face special challenges in offering retirement plans to employees. HR 3605 will remove these barriers in a fast-growing segment of the economy and will result in more American workers saving for a secure retirement.

"This legal cloud has existed far too long," said PSCA President David Wray. "We are very grateful to Representative Hayworth for championing this important issue." PSCA member and tribal government and benefits expert Robert Yoder shared Wray’s enthusiasm, adding, "I can assure Congress that Indian tribes across America are welcoming this long-needed legislation."

About the Profit Sharing/401k Council of America

The Profit Sharing/401k Council of America (PSCA), a non-profit association of 1,200 companies and their 4 million employees, advocates increased retirement security through profit sharing, 401k and related defined contribution programs to federal policymakers and makes practical assistance with profit sharing and 401k 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.

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