Efforts To Implement the Employee Retirement Income Security Act of 1974 by the Department of Labor
HRD-77-99: Published: Jul 6, 1977. Publicly Released: Jul 6, 1977.
- Full Report:
Members of congressional committees, Department of Labor officials, and employee benefit plan administrators are concerned about problems Labor has experienced in administering the Employee Retirement Income Security Act of 1974, the first comprehensive Federal law regulating employee benefits. Specific concern has been expressed about delays in issuing regulations and acting on requests for exemptions from prohibited transactions.
After over 2 years of program operations, the issue of how Labor should be organized to carry out its responsibilities has not been resolved. Labor has not determined the extent to which program inefficiencies exist and are caused by the organization structure which divides the responsibility for administering the Act between two separate Labor organizations. Labor also has not determined the long-range enforcement needs of the program.
Recommendation for Executive Action
Comments: Please call 202/512-6100 for additional information.
Recommendation: Before making a decision on reorganization, the Secretary of Labor should assess the efficiency of the present Labor organizational structure for administering the Employee Retirement Income Security Act and the anticipated size of future program operations. The Secretary should also closely monitor the progress in issuing regulations and processing applications for exemptions from prohibited transactions so that these tasks can be accomplished without further delay.