PSCA Applauds New Retirement Plan Guidance
CHICAGO, IL, September 9, 2009 -- The Profit Sharing / 401k Council of America (PSCA) commends President Obama, Treasury Secretary Tim Geithner, and J. Mark Iwry, Senior Advisor to the Secretary and Deputy Assistant Secretary for Retirement and Health Policy, for the September 5, 2009 release of various pieces of regulatory guidance relating to retirement savings. President Obama unveiled the guidance in his weekly address.
The new guidance interprets and clarifies current law to allow employers to further utilize defined contribution plans and automatic enrollment arrangements to help American workers accumulate retirement assets. PSCA expects that many employers will take advantage of these additional tools. The new provision to directly invest income tax refunds in U.S. Savings Bonds is another common sense idea that should be popular with many taxpayers.
About the Profit Sharing/401k Council of America
The Profit Sharing/401k Council of America (PSCA), a national, non-profit association of 1,200 companies and their six million employees, advocates increased retirement security through profit sharing, 401k, and related defined contribution programs to federal policymakers. PSCA makes practical assistance available to its members with profit sharing and 401k plan design, administration, investment, compliance, and communication materials. 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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