Employer Based Retirement Plan Community Urges Enactment of EGTRRA Permanency

March 11, 2005

The undersigned organizations, representing the broad spectrum of employer plan sponsors and retirement plan service providers, commend President Bush for including the permanency of the pension provisions found in Title Six of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) in the Administration's 2006 Budget. Many critical retirement savings provisions in EGTRRA will expire at the end of 2010 or earlier unless they are made permanent.

Title Six of EGTRRA contains numerous improvements to the employer provided retirement plan system that permit American workers to save more in employer plans and to receive higher benefits in retirement. Important provisions in the title also target low-income and older workers. These changes are the most recent product of an enormously successful partnership among employers, financial institutions and other service providers, and the government that has resulted in an "ownership society" that permits over eighty million workers to share in America's prosperity while building critical retirement income security. If Title Six of EGTRRA is allowed to sunset, these improvements will be rolled back or eliminated; a key component of the successful ownership society will be restricted; and the retirement security of millions of individuals will be diminished. Again, we urge the 109th Congress to follow the President's lead and quickly enact permanency for the EGTRRA Title Six savings provisions.

AMERICAN BANKERS ASSOCIATION

AMERICAN BENEFITS COUNCIL

AMERICAN COUNCIL OF LIFE INSURERS

AMERICAN SOCIETY OF PENSION PROFESSIONALS & ACTUARIES

BUSINESS ROUNDTABLE

COMMITTEE ON INVESTMENT OF EMPLOYEE BENEFIT ASSETS (CIEBA)

EDISON ELECTRIC INSTITUTE

EMPLOYEE-OWNED S-CORPORATIONS OF AMERICA (ESCA)

EMPLOYERS COUNCIL ON FLEXIBLE COMPENSATION

THE ERISA INDUSTRY COMMITTEE

THE ESOP ASSOCIATION

FINANCIAL EXECUTIVES INTERNATIONAL

THE FINANCIAL PLANNING ASSOCIATION

FINANCIAL SERVICES ROUNDTABLE

INVESTMENT COMPANY INSTITUTE

NATIONAL ASSOCIATION OF MANUFACTURERS

NATIONAL TELECOMMUNICATIONS COOPERATIVE ASSOCIATION

PROFIT SHARING / 401k COUNCIL OF AMERICA

SECURITIES INDUSTRY ASSOCIATION

SMALL BUSINESS COUNCIL OF AMERICA

SOCIETY FOR HUMAN RESOURCE MANAGEMENT

U. S. CHAMBER OF COMMERCE

401khelpcenter.com, LLC

A-C Electric Company

AEGON USA

AEPCO, Inc.

AIS Planning

Alford-Jungers Financial & Insurance Services

Atico International, USA

Benchmark Financial, Ltd.

Bidart & Ross, Inc.

Caterpillar Investment Management Ltd.

Cherokee Nation

Cline, Williams, Wright, Johnson & Oldfather, LLP

Continental Materials Corporation

DENSO Manufacturing Tennessee, Inc.

DiMartino Associates, Inc.

Diversified Investment Advisors

The Egging Co.

The Employee Owners of ELS, Inc.

FedEx

Financial Network Investment Corporation

First National Bank of Hutchinson

Flint Ink Corporation

GuidedChoice

Herod Mattis Group

Illinois Housing Development Authority

Integrated Benefits Group

Intel Corporation

ITT Industries, Inc.

Jetrion, LLC

Kennedy/Jenks Consultants, Inc.

Liberty Diversified Industries, Inc.

Mar Sol Benefits Consulting, Inc.

Marian, Inc.

Martin Tractor Company, Inc.

MassMutual Financial Group

McCready and Keene, Inc.

McDonald Financial Group

Menke & Associates, Inc.

Nationwide Financial Services

Olympic Medical Corp.

OppenheimerFunds Inc.

Otto Candies, LLC

The Pension Research Institute

Pietzsch, Bonnett and Womack

Precisia, LLC

The Procter & Gamble Company

Progressive Color Media, LLC

Ratliff CPA

Retirement Plan Strategies, Inc.

Retirement Resources Investment Corporation

Roberts Oxygen Company, Inc.

Sterling Resources, Inc.

Teledyne Isco, Inc.

Transamerica Retirement Services

Trinity Health

The Trust Company of Knoxville

The Vanguard Group, Inc.