October 06, 2000
Contact: Sue Hensley 202-331-5964, Erica Bohm (858) 541-2049

(Washington, DC ) In its continuing effort to advance the Cornerstone Initiative within the restaurant industry, the National Restaurant Association has unveiled a new retirement benefit program for Association members designed to help restaurant operators better recruit, retain and reward key employees.

"Attracting and retaining good employees makes this benefit a critical management tool for any business owner competing for talented employees," says Association President and Chief Executive Officer Steven C. Anderson. "Through our Cornerstone Initiative, we promote the restaurant and foodservice industry as the cornerstone of career and employment opportunities, and this is the perfect pro-employee, pro-employer program to attract employees who want to flourish in the industry."

There are currently 11 million workers in the restaurant and food service industry with a projected growth of 2 million by 2010. With unemployment at an all time low this benefit will be enormously important to attracting the large percentage of the workers who will find a permanent career in the food industry. Through American Buying Retirement Services, Inc. (ABRS) – a preeminent financial planning company for trade associations and chambers of commerce – Association members will be able to provide state-of-the-art retirement plans for themselves and for their employees. ABRS specializes in 401(k), Qualified Profit Sharing programs, Executive Retirement and Prevailing Wage/Davis-Bacon plans, exclusively to help associations, professional societies and chambers of commerce to offer such plans to their members.

"The availability of 401(k) plans is one of the most-requested member services, according to a recent Association membership survey. By offering this benefit, which will greatly help restaurants of every size and style, we're demonstrating that the restaurant and foodservice industry is about creating careers," says Association Membership Solutions and Development Committee Chairman Regynald Washington (Walt Disney World Co., Orlando, Fla.).

American Buying insures more than 100 associations and chambers of commerce, which have a combined membership in excess of 16.5 million employees. "By choosing this company and providing this service, we are giving our members an invaluable way to better help their employees and more effectively run their businesses," Anderson added.