The newly formed National Defined Contribution Council will actively lobby lawmakers to influence the shape of legislation.
The trade group - which represents consultants, money managers and others working with employers sponsoring defined contribution retirement plans - hired the law firm of Keck, Mahin & Cate to lobby on its behalf, said Mary Rudie Barneby, president, at the group's early November premiere meeting in Washington.
"Our focus is on the legislative agenda that drives our business, and conflicting regulatory signals we have been getting," she said. The group's formation is "an attempt to keep providers on the forefront (of legislation) and keeping the world safe for defined contribution plan participants."
The organization intends to keep tabs on attempts by lawmakers to make it easier for Americans to save - such as through more accessible tax-deferred individual retirement accounts, or proposals to partially privatize the Social Security system - that might cannibalize defined contribution plans, she said.