Got Thoughts on Lifetime Plan Participation, Outsourcing?

Advisors wanting to provide their insights to the Department of Labor on two topics — outsourcing employee benefit services and ways to facilitate lifetime plan participation — now have an opportunity to do so.

An open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans, also known as the ERISA Advisory Council, is scheduled for Monday, Sept. 29, from 10 a.m. to 5 p.m. EDT. On that day, the ERISA Advisory Council, which is charged with advising the Secretary of Labor and submitting recommendations regarding the Secretary's functions under ERISA, will discuss reports and recommendations on the issues of:
• outsourcing employee benefit plan services;
• facilitating lifetime plan participation; and
• pharmacy benefit manager compensation and fee disclosure.

While these topics have been the focus of recent Advisory Council meetings (see our coverage here and here), this meeting will be open — and conducted via teleconference.  

According to an announcement, most Council members will participate via teleconference, but members of the public who wish to participate can report to Room 6 of C-5320 at the U.S. Department of Labor, 200 Constitution Ave. NW, Washington, DC 20210.  

Organizations or members of the public wishing to submit a written statement may do so by submitting 30 copies on or before Monday, Sept. 22, to Larry Good, Executive Secretary, ERISA Advisory Council, U.S. Department of Labor, 200 Constitution Ave. NW, Suite N-5623, Washington, DC 20210. Statements also may be submitted as email attachments in PDF, DOC or RTF format to [email protected]. 

Individuals wishing to address the council should forward their requests to the executive secretary or call 202-693-8668. More information is available here; information about the council and descriptions of the topics to be discussed at the Sept. 29 meeting is available here. 

The ERISA Advisory Council consists of 15 members appointed by the Secretary of Labor. Three members are representatives of employee organizations (at least one of whom represents an organization whose members are participants in a multiemployer plan); three members are representatives of employers (at least one of whom represents employers maintaining or contributing to multiemployer plans); three members are representatives of the general public; and there is one representative each from the fields of insurance, corporate trust, actuarial counseling, investment counseling, investment management and accounting.