II
109th CONGRESS
1st Session
S. 608
IN THE SENATE OF THE UNITED STATES
March 11, 2005
Mr. Harkin introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions
A BILL
To create an independent office in the Department of Labor to advocate on behalf of pension participants, and for other purposes.
Office of pension participant advocacy
In general
Title III of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1201 et seq.) is amended by adding at the end the following:
Office of Pension Participant Advocacy
Office of Pension Participant Advocacy
Establishment
In general
There is established in the
Department of Labor an office to be known as the Office of Pension
Participant Advocacy
.
Pension Participant Advocate
The Office of Pension
Participant Advocacy shall be under the supervision and direction of an
official to be known as the Pension Participant Advocate
who
shall—
have demonstrated experience in the area of pension participant assistance, and
be selected by the Secretary after consultation with pension participant advocacy organizations.
Functions of office
It shall be the function of the Office of Pension Participant Advocacy to—
evaluate the efforts of the Federal Government, business, and financial, professional, retiree, labor, women’s, and other appropriate organizations in assisting and protecting pension plan participants, including—
serving as a focal point for, and actively seeking out, the receipt of information with respect to the policies and activities of the Federal Government, business, and such organizations which affect such participants,
identifying significant problems for pension plan participants and the capabilities of the Federal Government, business, and such organizations to address such problems, and
developing proposals for changes in such policies and activities to correct such problems, and communicating such changes to the appropriate officials,
promote the expansion of pension plan coverage and the receipt of promised benefits by increasing the awareness of the general public of the value of pension plans and by protecting the rights of pension plan participants, including—
enlisting the cooperation of the public and private sectors in disseminating information, and
forming private-public partnerships and other efforts to assist pension plan participants in receiving their benefits,
advocate for the full attainment of the rights of pension plan participants, including by making pension plan sponsors and fiduciaries aware of their responsibilities,
give priority to the special needs of low and moderate income participants, and
develop needed information with respect to pension plans, including information on the types of existing pension plans, levels of employer and employee contributions, vesting status, accumulated benefits, benefits received, and forms of benefits.
Reports
Annual report
Not later than December 31 of each calendar year, the Pension Participant Advocate shall report to the Committees on Education and the Workforce and Ways and Means of the House of Representatives and the Committees on Health, Education, Labor, and Pensions and Finance of the Senate on its activities during the fiscal year ending in the calendar year. Such report shall—
identify significant problems the Advocate has identified,
include specific legislative and regulatory changes to address the problems, and
identify any actions taken to correct problems identified in any previous report.
Specific reports
The Pension Participant Advocate shall report to the Secretary or any other appropriate official any time the Advocate identifies a problem which may be corrected by the Secretary or such official.
Reports to be submitted directly
The report required under paragraph (1) shall be provided directly to the committees of Congress without any prior review or comment by any person other than the Secretary or any other Federal officer or employee.
Specific powers
Receipt of information
Subject to such confidentiality requirements as may be appropriate, the Secretary and other Federal officials shall, upon request, provide such information (including plan documents) as may be necessary to enable the Pension Participant Advocate to carry out the Advocate’s responsibilities under this section.
Appearances
The Pension Participant Advocate may represent the views and interests of pension plan participants before any Federal agency, including, upon request of a participant, in any proceeding involving the participant.
Contracting authority
In carrying out responsibilities under subsection (b)(5), the Pension Participant Advocate may, in addition to any other authority provided by law—
contract with any person to acquire statistical information with respect to pension plan participants, and
conduct direct surveys of pension plan participants.
.
Conforming amendment
The table of contents for title III of such Act is amended by adding at the end the following:
Subtitle D—Office of Pension Participant Advocacy
3051. Office of Pension Participant Advocacy
.
Effective date
The amendment made by this section shall take effect on January 1, 2006.