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Release Date: 09/30/2004
Release Number: 04-1988-NAT
Contact Name: Gloria Della
Phone Number: 202.693.8666
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Washington, DC - Ann L. Combs, assistant
secretary of labor for the Employee Benefits Security Administration (EBSA),
today said that the combined efforts of the government and the benefits
community are essential for the creation of retirement security and
affordable health care for American workers and their families. Combs made
her remarks in a keynote address at the 57th Annual Conference of the
Profit Sharing Conference of America on Thursday, September 30 at the
Royal Sonesta in New Orleans, Lousiana. |
She
discussed President Bush’s accomplishments and vision for an “ownership
society” in America and the agency’s outlook and priorities for
employer-provided retirement plans. |
Combs
told the conference, “The President’s vision of an ownership society
is one of the driving forces behind his proposals to enhance retirement
security. All of us have a stake in maintaining a vibrant and diverse
retirement plan environment.” |
Combs
spoke about the President’s proposals to improve retirement security,
including reforming pension funding and accounting rules, and giving
better tools to workers to prepare for their own retirements. In her
discussion of EBSA initiatives, she focused on the recently issued
automatic rollover regulation, guidance on handling missing participants,
and the agency’s fiduciary education and training program, “Getting it
Right—Know Your Fiduciary Responsibilities.” |
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This week, EBSA issued final regulations to help plan
fiduciaries preserve workers’ retirement savings through the automatic
rollover of certain small retirement plan distributions. In addition, a
Field Assistance Bulletin issued today provides guidance clarifying the
steps fiduciaries should take to locate missing participants and
beneficiaries covered by terminated defined contribution plans. |
Combs
said, “The challenge facing the Administration and Congress is to
strengthen the ability of employers to deliver secure retirement benefits.
I want to continue our long history of successful collaboration on
critical issues facing employers, workers and their families.” |
A
copy of the full speech will be available on EBSA’s Web site at
www.dol.gov/ebsa under Newsroom. |
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U.S. Department of Labor
news releases are accessible on the Internet. The information in this news
release will be made available in alternate format upon request (large
print, Braille, audio tape or disc) from the Central Office for Assistive
Services and Technology. Please specify which news release when placing
your request. Call 202.693.7765 or TTY 202.693.7755. |
