“Save the 401(k)!”
It doesn’t have quite the emotional resonance of “Save the Whales,” but it’s endangered nonetheless, according to one industry trade organization.
The American Society of Pension Professionals and Actuaries on Monday launched the “Save My 401k” campaign to “defend the more than 60 million American workers’ 401(k)s from congressional budget cuts.”
“The single most important factor in determining if a worker is saving for retirement is whether or not there is a plan at work,” said Brian Graff, ASPPA’s executive director and chief executive officer, said in a statement. “Last time Congress took up tax reform in 1986, employees’ 401(k) plans were cut by 70%, resulting in a mass termination of plans.”