Efforts To Implement the Employee Retirement Income Security Act of 1974 by the Department of Labor

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.

Recommendations

Our recommendations from this work are listed below with a Contact for more information. Status will change from "In process" to "Open," "Closed - implemented," or "Closed - not implemented" based on our follow up work.

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