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Archived News Release — Caution: Information may be out of date.
OPA News Release: [05/28/2004]
Contact Name: Jane
Norris
Phone Number: (202) 693-4676
Secretary of Labor Elaine L. Chao Warns CEOs to Pay
Attention to Fiduciary Responsibilities under ERISA
Labor Secretary addresses Chief Executive
Leadership Institute at Yale University
NEW HAVEN, Conn.—Secretary of Labor Elaine L. Chao today
addressed a gathering of corporate and community leaders at the 49th
CEO Summit of the Chief Executive Leadership Institute of the Yale School of
Management, alerting them to the importance of their responsibilities as
fiduciaries of pension plans. The conference was held at the Yale Law
School.
“Today’s CEO is a steward of the public trust” said U.S.
Secretary of Labor Elaine L. Chao. “The time has come to move the focus of
pension plan governance out of the Human Resource Department and beyond
compliance with tax laws. The executive suite needs to focus on pension plan
governance itself, especially the responsibility and liability of pension plan
fiduciaries.”
Secretary Chao’s remarks entitled “Get it Right: The
Responsibilities of an ERISA (Employee Retirement Income Security Act)
Fiduciary” addressed the importance of protecting pension plan assets
for workers.
“The fiduciary provisions of ERISA protect workers pension plans
from mismanagement and misuse of assets,” said Secretary Chao. “These
provisions hold fiduciaries to a very high standard of care. Under ERISA,
retirement plans are not extensions of the corporation. They are entirely
separate entities, holding assets in trust. And they must be managed solely in
the interest of the plan, its participants and beneficiaries. No other agendas
are appropriate”
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Archived News Release — Caution: Information may be out of date.
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