Boost Racial Equity in Retirement Benefits, Panel Tells DOL (1)

A federal pension advisory panel is pressing the U.S. Department of Labor to issue new guidance to address systemic issues that prevent workers of color, ethnic minorities, and women from saving as much for their retirement as their White, male colleagues.

The Employee Benefits Security Administration, DOL’s employee benefits arm, should also update regulations that establish the years or hours of service required to qualify for private-sector retirement, to better reflect the changing, service-oriented gig economy, the ERISA Advisory Council said in an annual report it submitted to Labor Secretary Marty Walsh this week.

The advisory council’s recommendations establish a ...