This Friday is 401k Day. Did you know that? How is your company planning to celebrate? What? You never heard of 401k Day? Your service providers never told you about it? You’ve never seen a section for it when you’ve perused the Hallmark 
cards? Well, if you have more questions than answers, then you’ll definitely enjoy reading this special Fiduciary News interview with Robert A. Benish, Chief Operating Officer and Vice President of Membership at the Profit Sharing/401k Council of America (PSCA).
FN: When is 401k Day and what is it all about?
Benish: The PSCA created 401k Day to remind plan sponsors and participants how important 401k’s are in helping people save for retirement. By picking a day to focus on 401k’s – any day of the year – we hope people join their plans and actively take a role in saving for their own retirement.
FN: I see that PSCA is a national, non-profit association of 1,200 companies including 6 million plan participants. What exactly is the PSCA?
Benish: Founded in 1947, PSCA is a broadly based association of diverse businesses which believe that profit sharing plans, 401k plans and other employer sponsored plans strengthen the free-enterprise system and motivate the workforce to save for retirement.
FN: With a members-only toll free help line for technical assistance and best practices information, sample statements and model defined contribution plan forms as well as a bi-monthly magazine, what types of organizations belong to the PSCA?
Benish: PSCA members include a wide array of companies from Fortune 500 companies to midsize and smaller companies as well as service and provider companies.
FN: What are some of the specific activities the PSCA encourages Plan Sponsors to do on 401k Day?
Benish: We encourage plan sponsors to send out emails, hold educational meetings, put up posters, send out post cards and brochures – and reach out to employees to help them build a plan for retirement through their retirement savings program. (Editor’s Note: PSCA provides a special page called “401k Day Communications Tools for Plan Sponsors” on the 401k Day web-site. This page includes downloadable communications pieces plan sponsors can use to help celebrate 401k Day.)
FN: How have Plan Sponsors participated in 401k Day in the past?
Benish: Hundreds of plan sponsors representing hundreds of thousands of participants have actively participated in the past years. (Editor’s Note: PSCA wants to know about your program. If you’ve been doing something you think deserves attention or might help other plans like yours, go to this page: “Submit Your 401k Day Program to PSCA.”)
FN: Where would a busy Plan Sponsor or 401k Fiduciary go to discover more information on 401k Day and the PSCA?
Benish: Go to psca.org and click on the 401k day link.
How could the Profit Sharing 401(k) Council of America have started in 1947 when such plans did not exist until much later?
The Profit Sharing/401(k) Council of America (PSCA) began in 1947 in Orrville, Ohio as the Council of Profit Sharing Industries. In 1995, the Council was renamed the Profit Sharing/401(k) Council of America to reflect the emergence of the 401(k) plan as a popular employer-sponsored retirement plan. In addition to profit sharing and 401(k) plans, our members also may manage 403(b) plans, Taft-Hartley plans, Defined Benefit plans and other pension and/or retirement plans.