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Amid Tax Talks, a Cry of 'Save My 401(k)!'
Reuters | November 27, 2012 | 07:45 AM EST

As the debate around tax reform grows more heated, broker-dealers and other companies that service retirement plans offered by employers are increasingly concerned that the tax benefits of 401(k) plans are on the chopping block.

An industry group that normally works behind the scenes, the American Society of Pension Professionals and Actuaries, on Monday launched a media campaign intended to educate U.S. employers and workers that the federal government might consider changing the tax benefits of retirement savings accounts.

That worries the ASPPA because Americans might end up saving less, and some smaller employers might eventually decide to discontinue their own 401(k) plans.

The "Save My 401(k)" campaign includes a website, Facebook page, Twitter feed, and even an online videogame. The budget is undisclosed but is in the six figures, according to the ASPPA's chief executive, Brian Graff.

The goal of the media campaign, said Graff, is to raise awareness among employers and employees that they may be in danger of losing some of the tax breaks surrounding their 401(k) plans.

The ASPPA has 11,000 member companies including broker-dealers and record keepers who service the retirement savings plans offered by U.S. employers.

In the wake of the November U.S. elections, the federal government is mulling a possible increase in taxes as a means of reducing the federal budget deficit.

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