Schwartz appointed to U.S. Department of Labor's ERISA Advisory Council

The United States Secretary of Labor, Eugene Scalia, has appointed Edward Schwartz as one of five new national appointees to serve on the U.S. Department of Labor's ERISA Advisory Council for a three-year term.

This is Schwartz’s second appointment to the bipartisan council, which is rare.

The ERISA Advisory Council advises the Labor Secretary and the Department of Labor (DOL) regarding regulation and oversight of the country's 401(k), pension, and other institutional retirement plans. Schwartz was selected by Scalia to be the investment management industry's sole representative on the Council. Scalia is the son of the late U.S. Supreme Court Justice, Antonin Scalia. Schwartz was nominated for this position by former U.S. Secretary of Labor, Elaine Chao, and two prior chiefs of the Employee Benefits Security Administration (EBSA).

In this role, Schwartz will provide independent insights and expert advice on issues relating to ERISA retirement plans to inform recommendations to the DOL.  

For the past two decades, Schwartz has served as president of Bloomfield Hills-based Schwartz & Co., an investment advisory firm that specializes in institutional retirement plans, wealth management for individuals and families, and investment banking services. Schwartz has 30 years of experience in the investment field. The firm, now in its 45thyear, advises on over $6 billion in assets and serves clients in all 50 states. 

His appointment to the ERISA Advisory Council runs through December 2023.

“I am honored to explore improvements in concert with the Department of Labor for the financial wellness of all American workers. I am grateful to Secretary Scalia and the DOL for their confidence in me to contribute,” Schwartz said.

In 2006, Schwartz was appointed by then Labor Secretary Chao to serve on the Council through 2008. Chao said, “Ed is a dedicated, compassionate, and passionate advocate for ensuring the retirement security of our workforce. He is hardworking, does his homework, and always comes to meetings well prepared and ready to contribute. He is a good listener and works well with others... a terrific addition to the Council... his subsequent additional years of real-life experience in this field amplify his ability to make meaningful contributions to enhance the Council’s work.”

Of Schwartz’s previous work on the ERISA Advisory Council, former Head of the EBSA Bradford Campbell said, “I cannot recommend Mr. Schwartz highly enough. [He] brings to the Council an enviable understanding of investment management concepts and theories… Even more important, however, is his actual experience in using his knowledge to help plan participants, plan fiduciaries and business leaders make retirement plan decisions. The retirement world has changed substantially and he has gone through these changes in partnership with the plans and participants he serves. Thus, while the quality of his contributions will be the same, the content will not. He will provide essential new information and experience to inform the Council’s efforts.”

Added another former EBSA chief, Ann Combs, “Ed’s credentials speak for themselves… Ed has a demonstrated commitment to public service… an excellent addition to the Council.”

The other 2021 appointees include senior executives from Fidelity (Boston), PepsiCo (New York), the United Food & Commercial Workers Union (Washington D.C.) and Atrium Health (Charlotte). 
Schwartz graduated Magna Cum Laude from Georgetown University. After working on Wall Street as an investment banker, he earned his MBA with High Distinction from the University of Michigan, with an emphasis in finance and accounting. He completed the executive education program in investments and finance at Harvard University.

He is a board member of the Henry Ford Health System Investment Committee, the Douglas Allison Foundation and previously served on the Georgetown University Board of Regents.

Schwartz resides in Bloomfield Hills with his wife and three children.