Legg Mason announced Tuesday it has formed the Legg Mason Retirement Advisory Council, comprised of 14 industry leaders who will meet quarterly to discuss major challenges facing retirement products, service provides and best practices.

Members include Ted Benna, president of Malvern Benefits Corp. and known as the “Father of the 401(k); Paul D’Aiutolo, vice president of UBS Wealth Management; Joseph Frustaglio, vice president, retirement plans sales, national sales manager, Nationwide; Gary Kleinschmidt, head of retirement specialists, Legg Mason; and Edward O’Connor, managing director, head of retirement services, Morgan Stanley Smith Barney.

“Retirement is front and center as an urgent challenge facing Americans,” said Tom Hirschmann, head of institutional, Americas, for Legg Mason. “By creating the Legg Mason Retirement Advisory Council, we’re brining together some of the best minds in the industry to collectively address the obstacles that prevent so many Americans from planning for their retirement.”

Issues that Legg Mason intends to cover from the onset include product innovation among alternatives and guarantees; best practices in employee education in defined contribution plans; and creating greater investor urgency around retirement.