U.S. Chamber Holds Executive Briefing on Retirement Plans

WASHINGTON, D.C. - The United States Chamber of Commerce, along with consulting and outsourcing firm Hewitt Associates, held an executive briefing for businesses on how recent legislation that mandates changes in retirement and pension law will affect employer-sponsored retirement plans.

"Recent legislation has made it easier and more attractive for employers to offer their workers a pension benefit and it has given workers better opportunities to build up their retirement nest egg," said Kathleen Havey, Chamber director of pension policy. "Pension reform will help all Americans increase their retirement savings and will allow more workers to benefit from employer-sponsored programs."

The conference, entitled "New Options and Opportunities for Retirement Plans," was designed to provide employers with an overview of the recently passed legislation and highlight designs and options that it offers companies and their employees.

"The new legislation affects the entire spectrum of retirement savings and pension plans and creates new responsibilities and opportunities for employees and employers," said Frank McArdle, research consultant, Hewitt Associates. "Employers need to prepare for these changes, and perhaps more importantly, use this opportunity to rethink their entire mix of retirement plans."

During today's conference, the primary authors of the new law, Representatives Rob Portman (R-OH) and Ben Cardin (D-MD), discussed legislative efforts on pension reform; a panel of executives outlined corporate preparations to comply with the changes; and Treasury Department Benefits Tax Counsel Bill Sweetnam detailed how the new law is moving through the regulatory phase.

Hewitt Associates LLC is a global management consulting and outsourcing firm specializing in human resource solutions. With 2000 revenues of nearly $1.3 billion, the firm ranked among the Top 200 of Forbes magazine's listing of the largest private companies and as the largest employee benefits consulting firm in the U.S.

The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.

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