The Department of Labor’s ERISA Advisory Council continues to play a significant role in shaping retirement and employee benefit policies, with recent work focusing on retirement income solutions and annuity provider selection standards. The 15-member council, established under Section 512 of ERISA, serves as an advisory body to the Secretary of Labor on matters related to employee welfare and pension benefit plans.
In 2024, the council issued a comprehensive report examining retirement income solutions as qualified default investment alternatives under the SECURE and SECURE 2.0 Acts. This work reflects the council’s ongoing mission to provide policy-level guidance on emerging issues in retirement planning and employee benefits administration.
The council operates with representatives from diverse backgrounds including employee organizations, employers, insurance professionals, actuaries, investment counselors, and accounting experts. Members serve three-year terms and are required to commit approximately 15-20 days annually to council activities, including testimony hearings and report development.
One notable recent consultation involved the council’s review of Interpretive Bulletin 95-1, which addresses fiduciary standards when selecting annuity providers for defined benefit pension plans. Section 321 of the SECURE 2.0 Act specifically directed the Secretary of Labor to consult with the Advisory Council on potential amendments to this guidance.
How the Advisory Council Functions
The council typically focuses on two to three major issues each year, based on suggestions from the Office of the Assistant Secretary of the Employee Benefits Security Administration. For each issue, members define the scope of investigation, hear testimony from industry experts, and develop written reports with findings and recommendations.
All council meetings are open to the public under the Federal Advisory Committee Act, providing transparency in the policy development process. Written testimony and final reports are made publicly available, offering insight into the Department of Labor’s thinking on emerging retirement and benefit issues.
The council’s work process involves extensive testimony from witnesses with diverse perspectives. During typical meetings, experts are given up to 20 minutes to present their views, followed by questions from council members. This structured approach ensures comprehensive examination of complex policy issues.
Current Membership and Leadership
The 2024 council is chaired by Mayoung Nham, Principal at Slevin & Hart, PC, representing employee organizations. Vice Chair Shaun C. O’Brien serves as Policy Director for the American Federation of State, County and Municipal Employees, also representing employee organizations.
Current members include professionals from major firms and organizations across the employee benefits landscape. The composition includes three representatives each from employee organizations, employers, and the general public, plus specialists in insurance, corporate trust, actuarial counseling, investment counseling, investment management, and accounting fields.
By statute, no more than eight council members may belong to the same political party, ensuring balanced representation in policy discussions. Members are compensated for meeting attendance and travel expenses related to their council duties.
Impact on Retirement Planning Policy
While the council’s recommendations are not binding, they frequently influence regulatory priorities and Department of Labor guidance. Recent council work has addressed qualified default investment alternatives, cybersecurity concerns, lifetime income options, and fiduciary oversight practices.
The council’s 2024 report on retirement income solutions as qualified default investment alternatives provides detailed observations on how default retirement income options function in defined contribution plans. This work comes as plan sponsors increasingly seek ways to help participants convert retirement savings into lifetime income streams.
For practitioners and industry stakeholders, engaging with the council through testimony, comments, or nominations represents one of the few formal venues to influence the Department of Labor’s long-term approach to retirement and benefit policy issues.
The nomination process for council vacancies is announced annually in the Federal Register, with recommendations accepted from any person or organization. Nominations must include candidate qualifications, contact information, and confirmation of the nominee’s availability and willingness to serve.