Cavanaugh Testifies at U.S. Dept. of Labor
Duke’s vice president for administration offers insights on posting notice for benefit plans
Kyle Cavanaugh, vice president for administration, testified before an advisory committee at the U.S. Department of Labor in Washington on May 27 to share his perspectives on posting requirements for benefit plans. The Advisory Council on Employee Welfare and Pension Benefit Plans, also known as the ERISA Advisory Council, invited Cavanaugh to testify as a representative for the higher education and health care industries as part of a discussion of the topic “Model Notices and Plan Sponsor Education on Lifetime Plan Participation.”Cavanaugh was one of several guests that included plan sponsors, academics, attorneys, participant advocates, and communication consultants who were invited to provide testimony. An earlier meeting notice explains the council found “that there are numerous considerations participants should weigh when deciding what actions to take with their accumulated retirement savings upon termination of employment at job change or retirement. In making these decisions, participants certainly would benefit from objective, timely information.”“The council looks for experts in the field with real experience, and one of our members was aware of Kyle and his expertise and passion on this topic and thought he would be a great person to provide input,” said Josh Cohen, Issue Chair for this topic for the ERISA Advisory Council. “We had an excellent discussion with the 15 council members that will ultimately lead to a report to the Department of Labor later this fall.”With input from representatives of employers from a broad spectrum, the council hopes to make recommendations to the Secretary of Labor for creating model notices to assist employers in “communicating clear, concise and objective information in this area.”“It was an honor to represent Duke, higher education and health care at large on this important topic,” Cavanaugh said. “The meeting prompted good discussions that I hope lead to greater clarity for employers and employees on participating in lifetime benefit plans.”