2016 Advisory Council on Employee Welfare and Pension Benefit Plans

This document is about the challenges faced by participants in consolidating their retirement savings across multiple employer-sponsored plans, and the Advisory Council's efforts to identify the issues and develop recommendations to the Secretary of Labor for improving the plan-to-plan transfer and account consolidation process, including the development of model forms and technology standards to simplify and facilitate these activities. The Council aims to address the problems within the employer-sponsored defined contribution system that have arisen due to the increase in worker mobility and the need for more effective lifetime plan participation.