Members of the Plan Sponsor Council of America overwhelmingly agreed to join the American Retirement Association effective Dec. 29, Hattie Greenan, a PSCA spokeswoman, confirmed Tuesday.
Ninety-eight percent of members approved the move. It came a month after PSCA officials said they wanted to join ARA to gain access to greater resources but also wanted to retain their independence and keep the same executive leadership.
The ARA currently is an umbrella organization for four retirement industry trade groups: the American Society of Pension Professionals & Actuaries, the ASPPA College of Pension Actuaries, the National Association of Plan Advisors and the National Tax-Deferred Savings Association.
"PSCA will continue to serve plan sponsors and provide the same services to members," said Kenneth Raskin, chairman of PSCA's board of directors, in a Tuesday PSCA news release. "We will continue to perform important benchmarking research, host plan sponsor events and education, and be a voice for plan sponsors in Washington."
Mr. Raskin, a New York-based partner for the King & Spalding law firm, also will join ARA's board.
"PSCA has long been a strong and effective voice on behalf of plan sponsors," Brian Graff, CEO of the American Retirement Association, said in the news release. "With the addition of this key constituency, the American Retirement Association truly becomes the voice of the nation's private retirement system."