Security and Enforcement Compliance for Retirement under ERISA

Summary

Security and Enforcement Compliance for Retirement under ERISA - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to repeal the mandate for limited scope audits. Establishes certain reporting and enforcement requirements for employee benefit plans under ERISA. Requires a plan administrator to notify the Secretary of Labor, within five business days, of: (1) irregularities that may have occurred with respect to the plan; and (2) the termination of the plan's accountant. Requires plan accountants to notify the Secretary of: (1) such irregularities, if the administrator does not do so; and (2) any disagreements they may have with the reasons given by the administrator for their termination. Sets forth civil penalties for violations of such requirements. Sets forth additional requirements for qualified public accountants for plans under ERISA. Revises fiduciary penalties to: (1) modify a prohibition of assignment or alienation; (2) make discretionary the imposition and amount of civil penalties for breach of fiduciary responsibility; and (3) provide for the applicable recovery amount and other rules. Directs the Inspector General of the Department of Labor to study and report to the Congress and the Secretary on the need for regulatory standards and procedures to authorize the Secretary to prohibit persons from serving as qualified accountants for employee benefit plan audits. Requires the Inspector General to address whether such standards and procedures are likely to improve the quality of such audits and the potential for increased costs to plans.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 29 July 1997

   Introduced

   Referred to House Education and the Workforce

   Source: IntroReferral

2. 29 July 1997

   Introduced

   Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

3. 29 July 1997

   Introduced

   Introduced in House

   Source: IntroReferral

4. 29 July 1997

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 29 July 1997 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 29 July 1997

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 29 July 1997

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 29 July 1997

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  Leesvertaling

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  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Shays, Christopher [R-CT-4] · R · Sponsor
• Rep. Payne, Donald M. [D-NJ-10] · D · Sponsor
• Rep. Gejdenson, Sam [D-CT-2] · D · Cosponsor
• Rep. Neal, Richard E. [D-MA-1] · D · Cosponsor
• Del. Faleomavaega, Eni F. H. [D-AS-At Large] · D · Cosponsor
• Rep. Martinez, Matthew G. [D-CA-31] · D · Cosponsor
• Rep. Andrews, Robert E. [D-NJ-1] · D · Cosponsor
• Rep. Ford, Harold E., Jr. [D-TN-9] · D · Cosponsor
• Rep. Kilpatrick, Carolyn C. [D-MI-13] · D · Cosponsor
• Rep. Bonior, David E. [D-MI-10] · D · Cosponsor
• Rep. Hastings, Alcee L. [D-FL-20] · D · Cosponsor
• Rep. Kucinich, Dennis J. [D-OH-10] · D · Cosponsor
• Rep. Rivers, Lynn N. [D-MI-13] · D · Cosponsor
• Rep. Sandlin, Max [D-TX-1] · D · Cosponsor
• · hswm00 · Standing
• · hsed00 · Standing

Related records

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