News Release

Printer-Friendly Version

EBSA News Release: [05/21/2008]
Contact Name: Gloria Della or Richard Manning
Phone Number: (202) 693-8664 or x4676
Release Number: 08-0703-NAT

U.S. Secretary of Labor Elaine L. Chao highlights accomplishments in reforming employee benefits system at ‘DOL Speaks’ conference

WASHINGTON — U.S. Secretary of Labor Elaine L. Chao today told attendees at "DOL Speaks: The 2008 Employee Benefits Conference" in Washington that the Bush Administration has accomplished its goals to strengthen the ability of employers to deliver retirement and health benefit security, and keep its commitment to workers and their families.

"This administration succeeded in enacting the Pension Protection Act — the most sweeping reforms of retirement plan rules in over three decades," said Secretary Chao. "Our initiatives will boost participation in retirement funds and empower workers, retirees and their families with more useful information on the management of their funds and investment strategies. And our record-setting enforcement and outreach efforts have yielded billions of dollars in results for workers and retirees."

Secretary Chao discussed at length the administration's ongoing efforts to fully implement the Pension Protection Act of 2006 (PPA). Since enactment of PPA, the department has issued 22 regulatory actions that strengthen the nation's private pension system so America's workers and retirees can look forward to a secure retirement.

In her remarks before the conference, co-sponsored by the U.S. Department of Labor and the American Society of Pension Professionals and Actuaries, Secretary Chao thanked the group for its partnership in magnifying the scope and impact of compliance assistance efforts that help employers comply with existing employee benefit plan laws. She highlighted the department's success since 2001, under its Employee Benefits Security Administration (EBSA) enforcement program, in recovering nearly $11 billion and more than 800 criminal indictments. In addition, the agency has directly reached more than seven million people through education and outreach efforts, responded to approximately 1.3 million inquiries and recovered more than $524 million for individuals through informal complaint resolution.

Information on the administration's regulatory, compliance assistance, enforcement, and other initiatives for pension and health plans can be found at www.dol.gov/ebsa or by calling 866-444-EBSA (3272) toll-free.

# # #