Barney Frank Sends Letter to Cox on SEC Supplemental Retirement Benefits


7/17/07: Last week, Rep. Barney Frank, Chairman of the House Financial Services Committee, sent a letter to SEC Chairman Christopher Cox expressing his support for the implementation of supplemental retirement benefits for SEC employees, and requesting information regarding why such benefits have not been established by the agency. The Financial Services Committee oversees, among other things, the SEC and other entities, such as the New York Stock Exchange and the NASD, that police the securities markets.

Chapter 293 reported last month on NTEU's continuing efforts to convince the SEC to honor its commitment to increase employee retirement benefits in accordance with the authority granted to the agency in the 2002 Investor and Capital Markets Relief Act (review that report by clicking here). Recently, the union's efforts included bringing this important issue to the attention of Congressman Frank.

With respect to the option of creating supplemental retirement accounts, such as those provided to FDIC employees, the SEC has maintained in the past that such accounts might create conflicts of interest for the agency. In his letter to Chairman Cox, Rep. Frank requests information concerning any such potential conflicts of interest that have given rise to the SEC's concerns, and whether the SEC has explored other possible options to avoid such potential conflicts, such as partnering with one of the other FIRREA agencies. Review the full text of Congressman Frank's letter by clicking here.

NTEU continues to maintain that providing supplemental retirement benefits to SEC employees would not only represent an important step forward for SEC employees and their families, but also would substantially strengthen the agency by helping it to achieve one of the primary goals of the Investor and Capital Markets Relief Act -- recruiting and retaining highly qualified professional staff. The union will continue to work for such increased benefits, and NTEU leaders look forward to meeting with SEC management representatives regarding this issue in the near future.