|MINNEAPOLIS, August 30, 2004 — American Express Retirement Services announced today that its Financial Education and Planning Services (FEPS) unit will be participating in 401(k) Day on September 7, an annual celebration sponsored by the Profit Sharing/401(k) Council of America (PSCA) which spotlights the importance of employer-sponsored profit sharing and 401(k) plans. The PSCA instituted 401(k) Day as a celebration of the employer-employee partnership that is building American workers’ personal wealth, and as a way employers can demonstrate their commitment to helping employees prepare for a secure retirement. American Express will provide educational programs and services to individual client companies that choose to observe 401(k) Day.
“We are proud to help our 401(k) and financial education clients nationwide participate in the Profit Sharing/401(k) Council of America’s ‘Retirement Ready’ campaign,” said Rusty Field, vice president of Financial Education and Planning Services. “It’s important that employers, plan participants and even non-participating employees take at least an annual look at their retirement readiness and the retirement plan benefits offered in the workplace. Celebrating 401(k) Day is one important way employers can get this important message out.”
This year, American Express will use 401(k) Day to kick-off a 401(k) Awareness Month of activities available to its clients. Companies can use programs and activities throughout the month to proudly recognize employees who are participating in their retirement plan and to prompt action from those who are not participating. In addition, 401(k) Awareness Month is an opportunity for companies to enhance their credibility as they demonstrate sincere commitment to their employees’ futures.
The American Express 401(k) Awareness Month program includes:
• One-on-one 401(k) statement review sessions or enrollment assistance,
• Lunch’n Learn seminars (featuring topics like 401(k) catch up contributions, pre-retiree planning, basic plan enrollment and more),
• Events featuring Q&As sessions with financial advisors to address employee questions related to 401(k) plans and being retirement ready,
• Games & Entertainment, including games and puzzles from the PSCA 401(k) Day program and Web site.
Held annually, 401(k) Day is a fun way for employers to raise retirement savings awareness, share their commitment with their employees, and encourage participation in the company’s 401(k) plan. Through 400,000 401(k) plans, 42 million Americans are preparing for their retirement. Participation rates have increased on average to approximately 80 percent, with the average employee account balance now exceeding $55,000 (Source: PSCA 2004).
The Profit Sharing/401(k) Council of America (PSCA) is a nonprofit association advocating increased retirement security through profit sharing, 401(k) and related defined contribution programs. For more information on PSCA, visit http://www.psca.org/.
American Express Retirement Services, a service group of American Express Financial Advisors Inc., provides corporations, unions and municipalities, and their nearly 1 million workers nationwide with a complete package of financial education, recordkeeping, investments and trustee services for their qualified retirement plans. For more information on American Express Retirement Services, visit www.americanexpress.com/sponsors.
American Express Financial Advisors Inc. popularized early saving and investing programs for Americans more than 100 years ago, helping give rise to financial planning, mutual funds and retirement plans in the past century. Today, American Express continues its commitment to individuals and corporations with its Financial Education and Planning Services unit of American Express Retirement Services, which delivers workplace financial education programs to more than 2 million workers nationwide.
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First use 8/25/2004
Registered investments and financial planning services are offered through American Express Financial Advisors Inc., Member NASD. American Express Company is separate from American Express Financial Advisors Inc. and is not a broker-dealer. Retirement plan and trust-related services are offered through American Express Trust Company.