Advisory Panel Left Out of DOL’s Pension De-Risking Policy Plans

The US Labor Department won’t allow its retirement industry advisory arm to review pension plan de-risking policy recommendations before they’re sent to Congress, even though a new law requires the group’s input.

A senior Employee Benefits Security Administration official told the ERISA Advisory Council in Washington, D.C., Tuesday that the department isn’t obligated to submit the report for the council’s approval or discussion ahead of time under the SECURE 2.0 Act (Pub. L. No. 117-328).

“We’re trying to work to a deadline, and we’re trying to consider input from many sources and many folks,” Tim Hauser, deputy ...