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Release Date: September 27, 2006
Release Number: 06-1665-NAT
Contact Name: Peter Hong/Gloria Della
Phone Number: 202.693.4676/202.693.8664
Washington, DC - Secretary of Labor Elaine L.
Chao today announced that Assistant Secretary of Labor Ann L. Combs will
be leaving as head of the Employee Benefits Security Administration (EBSA).
After five and a half years of overseeing the agency that protects the
retirement and health benefits of more than 150 million workers and
their families, Combs will have the distinction of being the longest
serving assistant secretary in EBSA history when she returns to the
private sector October 27, 2006. Combs’ achievements include
sheparding the landmark Pension Protection Act through to enactment in
August to enhance the retirement security of workers, retirees, and
their families; recovering more than $220 million for Enron’s pension
plan victims; and building a strong enforcement record, including a
record $8.7 billion in monetary results and 536 criminal indictments.
“America’s workers have had a tremendous advocate
in Ann Combs, who put protecting workers’ benefits above all else
during her tenure as Assistant Secretary,” said Secretary Chao. “Ann
has served three Presidents with distinction and it has been a great
pleasure for me to serve with her at the Department of Labor.”
“It has been a privilege to serve President Bush
and Secretary Chao during this historic time,” said Combs. “The
enactment of the Pension Protection Act of 2006 has put in place a new
system with better transparency, stronger funding for traditional
pension plans, and enhancements to defined contribution plans that will
help workers save more for retirement and receive much-needed investment
advice. I am extremely proud and grateful to have been able to
contribute to that effort.”
“I also want to thank the extraordinary staff of
the Employee Benefits Security Administration. Their dedication and
professionalism are a testament to the values inherent in public
service,” added Combs.
Combs was confirmed as assistant secretary of EBSA on
May 9, 2001 to oversee the approximately six million pension, health and
other benefit plans governed by the Employee Retirement Income Security
Act that hold more than $4.5 trillion in assets.
Other highlights of Combs’ tenure include expansion
of voluntary compliance programs and issuance of guidance for
fiduciaries and service providers on fees, trading practices, and
fiduciary responsibilities.
Prior to her appointment, Combs was vice president
and chief counsel for pensions and retirement at the American Council of
Life Insurers and a principal of William M. Mercer, Inc. During the
Reagan and prior Bush Administrations, Combs spent six years at the
Department of Labor, including service as deputy assistant secretary of
labor for EBSA (formerly known as the Pension and Welfare Benefits
Administration). She also served on the 1994-1996 Advisory Council on
Social Security.
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