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ASPPA Asks Pension Practitioners and Small Business Owners to Contact Congressional Representative to Oppose Proposal to Restrict Cross-Tested Plans


The American Society of Pension Professionals and Actuaries is asking its members and small business owners to contact their Congressional representatives to defeat a proposal by Congressman Lloyd Doggett (D-TX) that would "severely reduce the attractiveness of cross-tested plans," according to a letter sent on May 6 by ASPPA CEO Brian Graff.

ASPPA's letter -- reprinted below -- includes links to a special web page that enables practitioners and small business owners to send an email to the appropriate Congressional representative.

Membership in ASPPA is not required in order to use the web page. Pension practitioners who are not ASPPA members are invited to use the online form, Graff said.

The full text of ASPPA's letter follows:


May 6, 2010

THIS IS NOT A DRILL -- THIS THREAT TO CROSS-TESTING IS VERY REAL!

Protect Small Business Retirement Plans By Contacting Your Member of Congress Now!

Also Tell Your Small Business Clients That Congress Should Not Make It Harder For Small Businesses To Offer Retirement Plans!

Members of ASPPA:

It has come to our attention that there is a new, real threat to cross-tested plans. Congressman Lloyd Doggett (D-TX), who previously introduced a bill to repeal cross-testing, is working on a new proposal that would authorize Treasury and IRS to revise the regulations on matters such as the interest rate used for calculations and the ability to use different formulas for different groups of employees. We believe the net effect of this proposal would be to severely reduce the attractiveness of cross-tested plans. The House may act on this legislation as early as next week -- so you must act now!

Our message is clear and simple. Given this tough economy, now is not the time to make it more difficult for small businesses to offer these retirement plans to their workers. These plans provide extremely valuable retirement benefits for small business workers and this proposal will lead to plans being terminated.

The Doggett proposal must be stopped and we need your help to do it. Not only must everyone at your firm get involved, but we need your help to get your small business clients with these plans involved too. It is imperative that Members of Congress hear directly from small business plan sponsors that they should not support any proposal that will hurt small business retirement plans.

We make it easy by providing a special link for small business plan sponsors that includes a sample email especially designed for them:

  • Small Business Plan Sponsors: click on the following special link to send an email to your Congressional representative:
    http://www.asppa.org/sp/CapWiz-Pages/Contact-Congress.aspx
    (Under "Take Action!", click on "Small Business Owners - Doggett Proposal Threatens Small Business Retirement Plans")

Further, below is a sample email you can use to encourage your small business clients to get involved.

We know how busy you are right now. So thanks in advance for your help in this critical fight.

Brian Graff, CEO
ASPPA

Sample email to small business plan sponsors:

Dear [small business sponsor]:

Congress is considering a proposal that will threaten your current retirement plan design making it harder for you to offer retirement benefits to your employees. We need your help to send a strong message to Congress to stop this misguided proposal. Given this tough economy, now is not the time for Congress to make it more difficult for you to provide retirement benefits to your employees.

We have made it easy for you. Please go to the link below and in a matter of seconds you can get the word out to your member of Congress that they should NOT pass any proposal negatively affecting your retirement plan. Please feel free to get your employees involved since their benefits are threatened as well.

Thanks for your support!

[ASPPA member signature]

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