DOL opens nominations for ERISA Advisory Council: 5 benefits professionals needed

The Department of Labor has put out a call to fill five, three-year vacancies on the Employee Benefits Security Administration’s (EBSA’s) Advisory Council on Employee Welfare and Pension Benefit Plans, also known as the ERISA Advisory Council. The Council meets four times a year to make recommendations to the Secretary regarding functions carried out under the Employee Retirement Income Security Act (ERISA).

The deadline to submit nominations is Aug. 26, 2024.

The 15-member council provides advice on policies and regulations affecting employee benefit plans governed by the ERISA. Members serve for staggered three-year terms and are appointed by the Secretary of Labor to represent specified groups and fields that are involved in employee benefits.

Nominations are being accepted for the following fields: employee organizations, employers, the general public, actuarial counseling and investment counseling. Interested persons or organizations may nominate qualified individuals for membership.

The council meets at least four times a year to hear testimony from invited witnesses and make recommendations to the Secretary regarding functions carried out under ERISA. Attendance and participation in the council’s meetings and other work has historically resulted in a commitment of at least 20 days per year.

The Council met recently to explore the possibility of making lifetime income options more prevalent as qualified default investment alternatives in 401(k) plans.

In March, the Council added five new members, including William E. Ryan III, head of defined contribution for investment consultant New England Pension Consultants and Kathleen McBride, founder and president of FiduciaryPath and an accredited investment fiduciary analyst.

Nominations should briefly describe the candidate’s qualifications to serve on the council, the position (group or field) for which the candidate is being nominated and should state that the candidate will accept appointment to the council if offered. Nominations should also include the full name, work affiliation, mailing address, phone number and email address of the both the candidate and the nominator, and must be submitted by letter, resolution or petition and signed by the person or, in the case of a nomination by an organization, by the group’s representative making the recommendation. 

Related: ERISA Advisory Council explores how annuities can enhance 401(k)s

Nominations should be submitted to Council Executive Secretary George Pantazopoulos as e-mail attachments to ERISAAdvisoryCouncil@dol.gov. 

Additional information about the ERISA Advisory Council and the appointment process can be found on the council web page.