As the most recent president of the Plan Sponsor Council of America, it should come as no surprise that David Wray is effusive about 401(k) plans. That “the defined contribution system has continued to thrive through these last five years [during the recession and fitful recovery] is an amazing story, and it’s not been told,” he says. “It’s the one place people have continued to invest and save for the long term, which is enormously beneficial to our whole country.”
When PSCA went looking for a new president in 1987, it found the perfect candidate in Wray, who understood the legislative process thanks to the years he spent early in his career working in both the Colorado and Iowa Houses of Representatives. In 1980, he’d moved to what was then known as the Alliance of American Insurers, where he’d gained lobbying experience, association management skills and had managed the association’s 401(k) plan.
