December 4, 2012 – Now that the elections are over, Congress is beginning to work on tax reform. In an effort to reduce the federal deficit, Congress is considering a cut to the contribution limits for 401(k) plans again. The last time Congress passed tax reform, the result was a 70% reduction in the contribution limits.
In an effort to get the message to Congress that Americans do not want to have their retirement security jeopardized, the American Society of Pension Professionals and Actuaries (ASPPA) has created a website: www.savemy401k.com
The website provides statistics about who would be impacted by the changes in 401(k) plans. In addition, there is a link to a form e-mail that you can send to your Senators and Representatives. All that you have to do is enter your name and address and then hit “Send Message”. The website will identify your Members of Congress and send the e-mail directly to them.
In addition, the website has a “toolkit” with a suggested e-mail for plan sponsors to send to their participants to help them get involved. The toolkit also contains a copy of the e-mail that will be sent to members of Congress. The link for the toolkit is: http://savemy401k.com/toolkit/emails/