Assistant Secretary of Labor Ann L. Combs to Leave Post at Employee Benefit Security Administration in October

Archived News Release — Caution: Information may be out of date.

Washington, DC - Secretary of Labor Elaine L. Chao today announced that Assistant Secretary of Labor Ann L. Combs will be leaving as head of the Employee Benefits Security Administration (EBSA). After five and a half years of overseeing the agency that protects the retirement and health benefits of more than 150 million workers and their families, Combs will have the distinction of being the longest serving assistant secretary in EBSA history when she returns to the private sector October 27, 2006. Combs’ achievements include sheparding the landmark Pension Protection Act through to enactment in August to enhance the retirement security of workers, retirees, and their families; recovering more than $220 million for Enron’s pension plan victims; and building a strong enforcement record, including a record $8.7 billion in monetary results and 536 criminal indictments.

“America’s workers have had a tremendous advocate in Ann Combs, who put protecting workers’ benefits above all else during her tenure as Assistant Secretary,” said Secretary Chao. “Ann has served three Presidents with distinction and it has been a great pleasure for me to serve with her at the Department of Labor.”

“It has been a privilege to serve President Bush and Secretary Chao during this historic time,” said Combs. “The enactment of the Pension Protection Act of 2006 has put in place a new system with better transparency, stronger funding for traditional pension plans, and enhancements to defined contribution plans that will help workers save more for retirement and receive much-needed investment advice. I am extremely proud and grateful to have been able to contribute to that effort.”

“I also want to thank the extraordinary staff of the Employee Benefits Security Administration. Their dedication and professionalism are a testament to the values inherent in public service,” added Combs.

Combs was confirmed as assistant secretary of EBSA on May 9, 2001 to oversee the approximately six million pension, health and other benefit plans governed by the Employee Retirement Income Security Act that hold more than $4.5 trillion in assets.

Other highlights of Combs’ tenure include expansion of voluntary compliance programs and issuance of guidance for fiduciaries and service providers on fees, trading practices, and fiduciary responsibilities.

Prior to her appointment, Combs was vice president and chief counsel for pensions and retirement at the American Council of Life Insurers and a principal of William M. Mercer, Inc. During the Reagan and prior Bush Administrations, Combs spent six years at the Department of Labor, including service as deputy assistant secretary of labor for EBSA (formerly known as the Pension and Welfare Benefits Administration). She also served on the 1994-1996 Advisory Council on Social Security.

U.S. Department of Labor news releases are accessible on the Department's Newsroom page. The information in this news release will be made available in alternate format upon request (large print, Braille, audio tape or disc) from the COAST office. Please specify which news release when placing your request at 202.693.7765 or TTY 202.693.7755. The U.S. Department of Labor is committed to providing America's employers and employees with easy access to understandable information on how to comply with its laws and regulations. For more information, please visit the Department's Compliance Assistance page.

Archived News Release — Caution: Information may be out of date.

Contact Name: Peter Hong/Gloria Della
Phone Number: 202.693.4676/202.693.8664