By the authority vested in me as President by the Constitution of the United States of America, and in order to improve the administration of the Employee Retirement Income Security Act (ERISA) and to continue the improvements made by Reorganization Plan No. 4 of 1978, it is hereby ordered as follows:
1-1. Establishment of the Council.
1-101. There is established the Interagency Employee Benefit Council.
1-102. The Council shall be composed of the following, or their representatives:
(a) The Secretary of the Treasury.
(b) The Attorney General.
(c) The Secretary of Commerce.
(d) The Secretary of Labor.
(e) The Secretary of Health and Human Services.
(f) The Director of the Office of Management and Budget.
(g) The Administrator of the Small Business Administration.
(h) The Chairman of the Equal Employment Opportunity Commission.
(i) The Executive Director of the President's Commission on Pension Policy.
1-103. The following, or their designated representatives, are invited to participate in the activities of the Council:
(a) The Federal Trade Commission.
(b) The Securities and Exchange Commission.
(c) The National Labor Relations Board.
(d) Any other Executive agencies the Council invites.
1-104. The Secretary of Labor shall be the Chairman of the Council.
1-2. Functions of the Council.
1-201. The Council shall assist in interagency coordination of proposals affecting employee benefits under ERISA. It shall identify the potential economic consequences of those proposals for ERISA participants.
1-202. The Council shall develop comprehensive long-term and short-term policies applicable to the plans covered by ERISA. The Council shall identify and coordinate research into employee benefit issues affecting ERISA-covered employees, into the economic effects of private pensions, and into the effectiveness of ERISA.
1-203. The Council shall develop effective policy approaches to a comprehensive information-sharing program among ERISA agencies, including development of a common or coordinated data base, data use, and publications. The Council shall develop a program for the use of common facilities and a common information system.
1-204. The Council shall identify inconsistencies in the operation of programs under ERISA. It shall recommend to the President ways to reduce or eliminate those inconsistencies.
1-205. Where feasible, the Council should coordinate public participation through public hearings on governmentwide ERISA-related programs.
1-206. The Council shall establish and maintain a mechanism to evaluate the effectiveness of the overall ERISA program.
1-207. The Council shall submit annually to the President a summary report of significant ERISA-related achievements of the member agencies.
1-3. Administrative Provisions.
1-301. The Council shall meet at least once each quarter.
1-302. Each member agency with respect to matters within the jurisdiction of the agency shall cooperate with and assist the Council in performing its functions.
1-303. The Secretary of Labor shall be responsible for providing the Council with such administrative services and support as may be necessary.
1-304. The Council may establish such working groups or subcommittees as may be appropriate for the conduct of the Council's functions.
The White House,
January 7, 1981.
[Filed with the Office of the Federal Register, 3:44 p.m., January 7, 1981]