2008-07-16 10:38:00
Testimony Provided to ERISA Advisory Council Working Groups and Senate
Committee on Aging
NEW YORK–(EMWNews)–Two Mercer consultants are among the witnesses testifying today before
the ERISA Advisory Council’s Working Group on
Spend Down of Defined Contribution Assets at Retirement, following a
third Mercer consultant’s testimony yesterday
before another ERISA Advisory Council working group. Separately, Mercer
has provided written testimony to the Senate Committee on Aging.
The ERISA Advisory Council advises the Secretary of Labor and makes
recommendations regarding the Secretary’s functions under ERISA, the
federal law that governs most pension and other benefit plans. The
Working Group on Spend Down of Defined Contribution Assets at Retirement
is studying benefit distribution issues related to the proliferation of
defined contribution plans, from which benefits typically are paid in a
single lump sum. The working group is meeting today as it studies ways
that plan sponsors can enhance participants’
ability to manage retirement assets after employment.
Mercer consultant Neil Lloyd, principal and intellectual capital leader
for Mercer’s global defined contribution
business, today will discuss lessons learned from other countries with
mature defined contribution retirement systems, such as Australia.
Philip Suess, a Mercer worldwide partner, will discuss annuity options
being developed that are aimed at providing benefits in a stream of
payments rather than in a single lump sum.
Barbara Marder, who leads Mercer’s global
defined contribution business, today provided written testimony to the
Senate Committee on Aging, which is convening a hearing today to examine
how 401(k) and other defined contribution plan sponsors can encourage
participants to build – rather than deplete
from – their retirement savings.
Mercer consultant Troy Saharic testified on July 15 before another ERISA
Advisory Council working group on the challenges and risks associated
with target date funds, which have grown in popularity as an investment
option in defined contribution plans.
Copies of all testimony are available from Stephanie Poe ([email protected]).
About Mercer
Mercer is a leading global provider of consulting, outsourcing and
investment services. Mercer works with clients to solve their most
complex benefit and human capital issues, designing and helping manage
health, retirement and other benefits. It is a leader in benefit
outsourcing. Mercer’s investment services
include investment consulting and multi-manager investment management.
Mercer’s 18,000 employees are based in more
than 40 countries. The company is a wholly owned subsidiary of Marsh &
McLennan Companies, Inc., which lists its stock (ticker symbol: MMC) on
the New York, Chicago and London stock exchanges. For more information,
visit www.mercer.com
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