ERISA ADVISORY COUNCIL’S WORKING GROUPS TO TAKE TESTIMONY ON 1999 STUDY ISSUES

Archived News Release — Caution: Information may be out of date.

The Secretary of Labor’s Advisory Committee on Employee Welfare and Pension Benefit Plans will hold meetings for its three working groups and its 106th full advisory council meeting on June 8 and 9. All sessions will be held at the Department of Labor’s Frances Perkins Building at 200 Constitution Avenue NW, Washington, DC, in Room N3437A-B.

The working group studying benefit implications of the growth of a contingent workforce will take testimony on the legal framework of the topic at its session on June 8 from 9:30 a.m. until approximately noon.

From 1:00 p.m. until approximately 3:30 p.m. on June 8, the second working group will meet to continue exploring the possibility of using surplus pension assets to secure retiree health benefits. Its focus for the day will be an exploration of the current accessibility of surplus assets in defined benefit plans with an emphasis on Internal Revenue Code 420 provisions and the historic use of this provision. In addition, other approaches used by employers to benefit from the existence of surplus assets will be discussed.

The third working group, studying issues trends in the defined benefit market with a focus on employer-sponsored hybrid plans, will meet June 9 from 9:30 a.m. until approximately noon on June 9. The topic for the day will relate to transition and employee disclosures when a traditional defined benefit plan is converted to a cash balance plan as well as a review of the group’s progress, strategy and future plans.

The entire Advisory Council will convene at 1:00 p.m. on June 9 to hear from all three working groups on their progress for this year. Members also will be updated on activities in the Pension and Welfare Benefits Administration by Assistant Secretary Richard McGahey.

Persons wishing to appear before any of the working groups or to submit written testimony on any of the three topics for 1999 may do so by contacting Sharon Morrissey, executive secretary of the Advisory Council, at Room N5656, Department of Labor, 200 Constitution Avenue NW, Washington, DC 20210. Her direct telephone number is (202)219- 8921. If written testimony is to be provided, submit 20 copies to Ms. Morrissey before June 1.

Persons with disabilities wishing to attend the sessions and needing special accommodations, can also contact Ms. Morrissey by June 1.

The ERISA Advisory Council advises the Secretary of Labor on policies pertaining to the Employee Retirement Income Security Act (ERISA) and other related legislation affecting employee benefit programs provided by private sector employers. Each year the Advisory Council’s 15 members select topics of study and volunteer to serve on at least two of the Advisory Council’s working groups. Their studies will result in reports and/or recommendations to be completed by the end of the Advisory Council year on Nov. 14.

This information will be made available to sensory impaired individuals upon request. Voice phone call (202) 219-8921.

U.S. Department of Labor news releases are accessible on the Internet. The information in this news release will be made available in alternate format upon request (large print, Braille, audio tape or disc) from the Central Office for Assistive Services and Technology. Please specify which news release when placing your request. Call 202.693.7773 or TTY 202.693.7775.

Archived News Release — Caution: Information may be out of date.

Contact Name: Sharon Morrissey
Phone Number: (202) 219-8921