DoL seeking a few good nominees for the ERISA Council

Five seats open up in November for the Department of Labor's Advisory Council on Employee Welfare and Pension Benefit Plans (aka, the ERISA Advisory Council) and the DoL is soliciting nominations. The Council's function is to advise the Secretary of Labor on her functions under ERISA. The members are appointed by the Secretary to a three-year term in which they take part in at least 4 public meetings/hearings a year tackling 3-4 issues per year, eventually submitting a report on each issue with the Council's findings and recommendations.  Issues on the table for 2009 include Stable Value Funds and Retirement Security in the Current Economic Conditions , Promoting Retirement Literacy and Security by Streamlining Disclosures to Participants and Beneficiaries , and Approaches for Retirement Security in the United States.  Past issues have included disclosures, plan funding, fees, participant and advisor education, and communications. The full list of past reports can be found here.

From the official press release, here are the details for nomination procedures:

Interested persons or organizations may nominate qualified persons for membership. Recommendations must be submitted by letter, resolution or petition and signed by the person or, in the case of a nomination by an organization, by an official representative of the group making the recommendation.

Nominations should briefly describe the candidate’s qualifications and the group or field for which the candidate is being nominated, including contact information and indicating the candidate’s acceptance of the appointment if offered.

Nominations should be submitted to Larry Good, executive secretary, ERISA Advisory Council, Room N-5623, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210 or to good.larry@dol.gov. Recommendations must be submitted on or before September 15, 2009.

We think this is a great opportunity for anyone who is interested in influencing policy under ERISA and we would be especially pleased to see some fi360 members, with their knowledge of fiduciary processes and dedication to promoting a culture of fiduciary responsibility, represented on the Council.

Comments

[Terrance Power, CFP, AIFA, ERPA]

It's always been a little confusing as to the 'categories' of membership on the Advisory Board. It would be outstanding to have someone with a strong desire to see a fiduciary standard apply to all parties to ERISA plans as a new Board member.

[Bennett Aikin]

I've searched for more information regarding the categories, but haven't been able to find any more detailed descriptions. The language from the release linked above is the same language found directly from ERISA section 512:

Of the members appointed, three shall be representatives of employee organizations (at least one of whom shall be representative of any organization members of which are participants in a multiemployer plan); three shall be representatives of employers (at least one of whom shall be representative of employers maintaining or contributing to multi-employer plans); three representatives shall be appointed from the general public, one of whom shall be a person representing those receiving benefits from a pension plan; and there shall be one representative each from the fields of insurance, corporate trust, actuarial counseling, investment counseling, investment management, and the accounting field.

[Bennett Aikin]

I've searched for more information regarding the categories, but haven't been able to find any more detailed descriptions. The language from the release linked above is the same language found directly from ERISA section 512:

Of the members appointed, three shall be representatives of employee organizations (at least one of whom shall be representative of any organization members of which are participants in a multiemployer plan); three shall be representatives of employers (at least one of whom shall be representative of employers maintaining or contributing to multi-employer plans); three representatives shall be appointed from the general public, one of whom shall be a person representing those receiving benefits from a pension plan; and there shall be one representative each from the fields of insurance, corporate trust, actuarial counseling, investment counseling, investment management, and the accounting field.