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|Promoting Retirement Literacy and Security by Streamlining Disclosures to Participants and Beneficiaries|
Advisory Council on Employee Welfare and Pension Benefit Plans, via the Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]
Apr. 7, 2010
Excerpt: The 2009 ERISA Advisory Council ('Council') reached a consensus to focus on the issue of promoting retirement literacy and security by streamlining disclosures to participants and beneficiaries. The Council studied the efficacy of ERISA's reporting and disclosure schemes as well as problems and costs related to such disclosures. Testimony to the Council was provided on July 23, 2009, and September 15, 2009, by eighteen witnesses. After much discussion and debate concerning the issues presented and the extent the Council believes the Department of Labor ('DOL') needs to address ERISA's disclosure requirements, the Council submits the following recommendations to the Secretary of Labor for consideration.
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