Summary

Increases the size of the ERISA Advisory Council by changing two membership counts and directs the Secretary of Labor to nominate two representatives of employee ownership organizations within one year of enactment. The change is procedural and alters council composition to add explicit representation for employee ownership interests.

Key Points

• Increases the size of the ERISA Advisory Council by changing two membership counts in statutory text.
• Requires the Secretary of Labor to nominate two representatives of employee ownership organizations within one year of enactment.
• Focuses on council composition and representation rather than creating new programs or spending.
• Implementation imposes modest administrative tasks on the Department of Labor (nominations and council adjustments).
• Adds formal representation for employee ownership perspectives (e.g., ESOPs, worker co-ops) to ERISA advisory deliberations.
• Does not specify detailed selection criteria, term lengths, or funding for the new council seats in the provided text.
• Expected to have limited immediate regulatory impact; potential influence arises through Council recommendations over time.

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