§1142 Advisory Council on Employee Welfare and Pension Benefit Plans

Summary

Creates an Advisory Council on Employee Welfare and Pension Benefit Plans made up of 15 people the Secretary appoints. No more than eight can be from the same political party. Members must be able to evaluate the programs under this law. The group includes three employee representatives (one must represent an organization with multiemployer plan members), three employer representatives (one must represent employers in multiemployer plans), three members from the public (one must represent pension beneficiaries), and one each from insurance, corporate trust, actuarial counseling, investment counseling, investment management, and accounting. Members serve three-year terms, but the first five serve one year, the next five serve two years, and the last five serve three years. Members may be reappointed. Vacancies are filled only for the rest of the term. A majority is needed for a quorum and decisions require a majority of those voting. The Council must advise the Secretary and send recommendations. It must meet at least four times a year and when the Secretary asks. The Secretary must list each Council recommendation in his yearly report under section 1143(b). The Secretary will provide an executive secretary and needed staff and may get information from other agencies. Members are paid the daily equivalent of the GS–18 annual rate for days worked (including travel) and get travel expenses and per diem under section 5703(b) of title 5. Section 1013(a) of title 5 does not apply to the Council.