ERISA Audit Improvement Act of 1994

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

Congressional Research Service

Official summary

Version 00 · Introduced in Senate · Oct 7, 1994

ERISA Audit Improvement Act of 1994 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to revise provisions relating to auditing of employee benefit plans. Eliminates provisions which allow certain limited scope audits by banks, similar institutions, or insurance carriers to fulfill the requirement for an audit by an independent public accountant as part of an employee benefit plan's annual report. Requires external quality control review of qualified public accountants for such ERISA audits. Requires notifications of certain events by plan administrators and accountants. Authorizes assessment of a civil penalty against any plan administrator or accountant who fails to provide the Secretary of Labor with any such required notification.

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People & committees

Who introduced it

Sen. Simon, Paul [D-IL] · D–IL

Committees

Health, Education, Labor, and Pensions Committee

0 cosponsorship records, including any withdrawals

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

Oct 7, 1994
Read twice and referred to the Committee on Labor and Human Resources.
Oct 7, 1994
Sponsor introductory remarks on measure. (CR S14855-14856)
Oct 7, 1994
Introduced in Senate

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in Senate · Oct 7, 1994 Formatted Text PDF

Related bills identified by Congress.gov

HR 5226 · ERISA Audit Improvement Act of 1994

Source last updated: Aug 26, 2025. Consult Congress.gov for the current record.

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Neutral evidence review

Objective

Analyze S.2547 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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Discuss S.2547, 103rd Congress: ERISA Audit Improvement Act of 1994

Official record: https://www.congress.gov/bill/103rd-congress/senate-bill/2547

Text version to examine: Introduced in Senate · 1994-10-07.

Official full text: https://www.congress.gov/103/bills/s2547/BILLS-103s2547is.htm

Imported record last updated by the source: 2025-08-26T13:51:08Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze S.2547 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine S.2547 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

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Discuss S.2547, 103rd Congress: ERISA Audit Improvement Act of 1994

Official record: https://www.congress.gov/bill/103rd-congress/senate-bill/2547

Text version to examine: Introduced in Senate · 1994-10-07.

Official full text: https://www.congress.gov/103/bills/s2547/BILLS-103s2547is.htm

Imported record last updated by the source: 2025-08-26T13:51:08Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.2547 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine S.2547 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

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Discuss S.2547, 103rd Congress: ERISA Audit Improvement Act of 1994

Official record: https://www.congress.gov/bill/103rd-congress/senate-bill/2547

Text version to examine: Introduced in Senate · 1994-10-07.

Official full text: https://www.congress.gov/103/bills/s2547/BILLS-103s2547is.htm

Imported record last updated by the source: 2025-08-26T13:51:08Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.2547 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine S.2547 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

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Discuss S.2547, 103rd Congress: ERISA Audit Improvement Act of 1994

Official record: https://www.congress.gov/bill/103rd-congress/senate-bill/2547

Text version to examine: Introduced in Senate · 1994-10-07.

Official full text: https://www.congress.gov/103/bills/s2547/BILLS-103s2547is.htm

Imported record last updated by the source: 2025-08-26T13:51:08Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.2547 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.