Recognizing a need in the legal community
In 1963 the American Bar Association created the Program because it recognized that the legal community could benefit from a unique type of retirement plan to meet its needs. In the past, partnerships did not have the same access to tax-deferred retirement plan benefits as they do today. The Program was created in part to allow, under a Collective Trust structure, partnerships and small law firms to access these benefits. Over time, the Program developed into a comprehensive and affordable retirement plan that, today, serves more than 3,800 member law firm plans and more than 38,000 participants (as of December 31, 2015).