Deals and People September 27, 2006

EBSA's Combs Says Farewell to Benefits Regulation

September 27, 2006 (PLANSPONSOR.com) - One of the better known figures in employee benefits regulation enforcement is set to leave government service at the end of October, according to an announcement Wednesday.
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The Department of Labor (DoL) said Ann Combs, assistant secretary of labor and head of the Employee Benefits Security Administration (EBSA) is slated to return to the private sector as of October 27. Combs has been in the position since May 2001.

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The DoL announcement listed Combs’ primary achievements as:

  • helping to shepherd the Pension Protection Act through the legislative process,
  • recovering more than $220 million for pension funds that had invested in Enron,
  • directing an enforcement effort that included a record $8.7 billion in monetary results and 536 criminal indictments, and
  • the expansion of voluntary compliance programs and issuance of guidance for fiduciaries and service providers on fees, trading practices, and fiduciary responsibilities.

“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,” said Combs, in the DoL statement. “I am extremely proud and grateful to have been able to contribute to that effort.”

As EBSA head, Combs worked 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.

Prior to joining the department, 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.

Administration September 26, 2006

Public Pension Funds Want Say in HP Board Nominations

September 26, 2006 (PLANSPONSOR.com) - Four public pension funds have filed a proposal with Hewlett-Packard Co. (HP) to let shareholders nominate directors for the company's board at the next annual meeting.
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The Los Angeles Times reports that the group additionally urged the Securities and Exchange Commission to issue a rule that would allow shareholders to make nominations for all public companies. The four funds collectively own 30 million shares in HP worth $675.9 million.

The group of public pension funds is headed by the New York State Common Retirement Fund and includes the Connecticut Retirement Plans and Trust Funds, the North Carolina Retirement System, and the American Federation of State, County and Municipal Employees Pension Funds.

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“We are concerned about shareholder value given recent events at HP,” said John Chartier, spokesman for New York Comptroller Alan Hevesi, according to the Times.

HP is under scrutiny for a spying scandal in which executives obtained private phone records of individuals in an effort to find the source of boardroom leaks.

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