Pension Audit Improvement Act of 1995

Summary

Pension Audit Improvement Act of 1995 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to revise requirements with respect to the auditing of employee benefit plans. Repeals certain provisions for limited scope audits. Adds certain reporting and enforcement requirements for employee benefit plans. Requires certain notifications by plan administrators and accountants regarding: (1) irregularities that may have occurred with respect to plans; and (2) termination of an accountant's engagement for auditing services. Sets forth civil penalties for failures to provide the Secretary of Labor with such notifications. Sets forth additional requirements for qualified public accountants. Revises provisions relating to certain fiduciary penalties under ERISA (and similar provisions under the Internal Revenue Code). Modifies a prohibition of assignment or alienation. Makes discretionary: (1) the imposition and the amount of civil penalties for breach of fiduciary responsibility; and (2) certain provisions relating to an applicable recovery amount.

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Timeline

1. 20 December 1995

   Introduced

   Read twice and referred to the Committee on Labor and Human Resources.

   Source: IntroReferral

2. 20 December 1995

   Introduced

   Sponsor introductory remarks on measure. (CR S19008-19009)

   Source: IntroReferral

3. 20 December 1995

   Introduced

   Introduced in Senate

   Source: IntroReferral

4. 31 July 1996

   Committee

   Committee on Labor and Human Resources. Committee consideration and Mark Up Session held.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 20 December 1995 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 20 December 1995

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 20 December 1995

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 20 December 1995

  Open at official source

Sponsors

• Rep. Simon, Paul [D-IL-24] · D · Sponsor
• Rep. Jeffords, James M. [R-VT-At Large] · R · Sponsor
• Sen. Leahy, Patrick J. [D-VT] · D · Sponsor
• Rep. Boxer, Barbara [D-CA-6] · D · Sponsor
• · sshr00 · Standing

Related records

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