Consumer Agenda for Retirement Security

Initiative #2: Empower workers to promote their own retirement security

C. Assure worker and retiree voices on government advisory councils.

The private pension law, ERISA, established an Advisory Council in the Department of Labor comprised of 15 experts in employee benefit plans appointed by the Secretary of Labor to three-year terms.  Of the 15 members, the statute requires that three positions are reserved for employers, three for employee organizations, and three for “the general public,” including one who represents the interest of persons receiving benefits from a plan.  The remaining six members are to represent professionals who advise retirement plans and manage their assets. 

During the last eight years, all three “general public” positions were filled by representatives of employers and plans.  Plan participants have not had any representation on the Council.  This has affected the choice of issues studied and the conclusions reached.  The new Administration should ensure that the three general public positions represent employees, retirees and their families.

There are also advisory committees at the Internal Revenue Service and the Pension Benefit Guaranty Corporation.  They also do not include representatives of participants and this too should be corrected.

Learn more about the other initiatives in the Consumer Agenda for Retirement Security.

Initiative 1: Promote a more adequate and secure private retirement income system.
Initiative 2: Empower workers to promote their own retirement security.
Initiative 3: Improve retirement savings plans.
Initiative 4: Improve traditional and hybrid pension plans.
Initiative 5: Make retirement plans fairer for workers and their spouses.

Print the Consumer Agenda for Retirement Security [PDF].