Retirement Plan Resources
Benefit plan administrators in the Chicagoland area and across the state of Illinois often need assistance navigating complex plan requirements. This includes regulations outlined by the Employee Retirement Income Security Act (ERISA), questions from participants, and possibly even inquiries from the Department of Labor. Finding the most helpful resource locally can sometimes be difficult. While Selden Fox CPAs is available to assist with the annual plan audit requirement and other compliance concerns, it is important for administrators to be aware of other resources available to guide them along the way. Below is a list of key benefit plan administrator associations that can be called upon as needed.
- American Retirement Association – The American Retirement Association is a nonprofit professional organization with two major goals: to educate all retirement plan and benefits professionals and to create a framework of policy that gives every working American the ability to have a comfortable retirement. The Association is comprised of five premier retirement industry associations: the American Society of Pension Professionals & Actuaries (ASPPA), the American Society of Enrolled Actuaries (ASEA), the National Association of Plan Advisors (NAPA), the National Tax-deferred Savings Association (NTSA), and the Plan Sponsor Council of America (PSCA).
- American Society of Pension Professionals & Actuaries (ASPPA) – ASPPA started as an actuarial organization and has evolved to reflect many different roles. The ASPPA offers extensive educational products and services, paired with a strong advocacy operation that puts it at the center of any legislative debates. ASPPA’s educational opportunities include robust credentialing, certificate, and continuing education programs, along with conferences and networking opportunities. Within ASPPA, the ASPPA Benefits Council (ABC) of Chicago provides benefits professionals with opportunities for “knowledge and networking” locally.
- American Society of Enrolled Actuaries (ASEA) – The ASEA is responsible for identifying and addressing the professional development needs of actuaries. ASEA has primary responsibility for the content of comment letters that involve issues, accomplished through appointing members of the Defined Benefit Subcommittee of ASPPA’s Government Affairs Committee and preparing formal comments, position papers, or other relevant pronouncements.
- National Association of Plan Advisors (NAPA) – NAPA is the only advocacy group exclusively focused on the issues that matter to retirement plan advisors. As a professional society, NAPA is uniquely committed to seven core principles of advisors serving employer-sponsored retirement plans. Membership offers three benefits: 1) advocacy, 2) business intelligence, and 3) networking—all designed to keep plan advisors in the forefront of the industry and help them succeed.
- National Tax-Deferred Savings Association (NTSA) – NTSA is the nation’s only independent, nonprofit association dedicated to the 403(b) and 457(b) marketplace. NTSA’s mission is to provide high-quality professional education, technical support, and networking forums to help advance member knowledge and facilitate educational opportunities, and professional growth.
- Plan Sponsor Council of America (PSCA) – PSCA is a nonprofit trade association supporting employers who provide employment-based retirement plans. PSCA is dedicated to serving the evolving needs of defined contribution plan sponsors who seek an unbiased source of industry information, education programs, regulatory updates, and advocacy. PSCA provides access to leverage best practices in compliance, communications, administration, and plan design, including legislative and regulatory updates, national and regional conferences, online training, research, and much more.