I’m sure it’s true to one extent or another in every industry…

a lot goes on ‘behind the scenes’ for the betterment of clients, consumers, and investors of which these same groups are rarely aware. Recently, I had the privilege of participating in one such endeavor.

As part of an effort initiated and organized by the American Society of Pension Professionals and Actuaries (ASPPA) — the leading professional society of 401(k) plan administrators — I traveled to Washington, DC to participate in their annual conference concerning legislation and industry practices. A major topic of heated discussion was the new proposed legislation attacking 401(k) plans. In total, more than 2,000 retirement industry professionals were in attendance.

While there, my colleague Toney Martin and I were asked to join 500 other industry professionals for a ‘march on Capitol Hill’. The strategy was to speak directly with leading members of our local congressional delegation and deliver our views on the subject. Toney was to meet with Representative Peter King while I spoke to Representative Steve Israel. As it turned out, we instead were able to present our views to their respective congressional staffers, who graciously gave us valuable time out of their hectic schedules.

In the meeting we discussed the importance of the current retirement plan structure, as well as how the tax incentives of 401(k)’s — and similar plans — provide one of the last successful savings vehicles left in the U.S. The current need for politicians to generate additional tax revenue is misguided in targeting 401(k) plans. These give strong tax incentives for saving to both individuals and businesses that should be preserved. After all, since 78% of those who presently have 401 (k) plans use them, it makes eminent sense not to let them be destroyed.

After listening intently to all we had to say, each congressmen’s staffers thanked us for the presentation, and promised to relay401K and America our message to Messrs. Israel and King. We’ve already heard from event organizers that our efforts made it clearly known to Congress that ASPPA was in town! Most importantly, we were effective in making our local elected officials aware that workplace plans like 401(k)s are how America saves, and that those who serve in our industry are committed to keeping them alive and growing.

Since the conference and meetings, a bill was introduced by Congressmen Gerlach (R-PA) and Neal (D-MA) called the “Sense of Congress” resolution, that lays out the successes of the current tax incentives. We are encouraging our representatives to support this bill by signing on as original co-sponsors to express their full support for the private employer-based retirement system. The resolution was formally filed November 10th, and we are awaiting word of its enactment. Please check our website regularly for updates.

As I said at the beginning of this piece, I was very proud to be part of this event in our nation’s capital. I also wanted to tell you personally one of the many ways the people at FMi are continually looking out for the best interests of those we serve and, we firmly believe, Americans from coast-to-coast.

So while you may have assumed it to one degree or another, now you have it straight from the top:

at FMi, and throughout our industry, we’re always fighting for your retirement plans…not just when we’re sitting across from you at your offices or ours.

Thank you for your continued trust and support.




Peter Macaluso
Vice President










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