PlainBillCongress, translated.Legislation. Context. Public interest.Referred to House Ways and Means
Congressional Research Service
Version 00 · Introduced in House · Jul 29, 1997
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.
People & committees
Rep. Shays, Christopher [R-CT-4] · R–CT
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Referred to House Ways and Means
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.
Referred to House Education and the Workforce
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 21, 2025. Consult Congress.gov for the current record.
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