A bill to amend the Employee Retirement Income Security Act of 1974 to require an independent audit of statements prepared by certain financial institutions with respect to assets of employee benefit plans.

Amends the Employee Retirement Income Security Act of 1974 to require an independent audit of statements prepared by certain financial institutions and insurance carriers with respect to assets of employee benefit plans.

 
S 269 IS
102d CONGRESS
1st Session
S. 269
To amend the Employee Retirement Income Security Act of 1974 to require an
independent audit of statements prepared by certain financial institutions
with respect to assets of employee benefit plans.
IN THE SENATE OF THE UNITED STATES
January 24 (legislative day, JANUARY 3), 1991
Mrs. KASSEBAUM (for herself, Mr. HATCH, Mr. BUMPERS, Mr. HATFIELD, and
Mr. BRYAN) introduced the following bill; which was read twice and referred
to the Committee on Labor and Human Resources
A BILL
To amend the Employee Retirement Income Security Act of 1974 to require an
independent audit of statements prepared by certain financial institutions
with respect to assets of employee benefit plans.
  Be it enacted by the Senate and House of Representatives of the United
  States of America in Congress assembled,
SECTION 1. INDEPENDENT AUDIT OF CERTAIN STATEMENTS REGARDING EMPLOYEE BENEFIT
PLAN ASSETS.
  (a) IN GENERAL- Paragraph (3) of section 103(a) of the Employee Retirement
  Income Security Act of 1974 (29 U.S.C. 1023(a)(3)) is amended by striking
  subparagraph (C) and by redesignating subparagraph (D) as subparagraph (C).
  (b) Conforming Amendments-
  (1) Subparagraph (A) of section 103(a)(3) of such Act (29
  U.S.C. 1023(a)(3)(A)) is amended by striking `Except as provided in
  subparagraph (C), the' and inserting `The'.
  (2) Subparagraph (A) of section 104(a)(5) of such Act (29 U.S.C. 1024(a)(5))
  is amended by striking `section 103(a)(3)(D)' and inserting `section
  103(a)(3)(C)'.
  (c) EFFECTIVE DATE- The amendments made by this section shall apply to annual
  reports required to be published after the date of the enactment of this Act.