A bill to amend title I of the Employee Retirement Income Security Act of 1974, to improve enforcement of such title by adding certain provisions with respect to the auditing of employee benefit plans, and for other purposes.
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.
Referred to the Subcommittee on Labor-Management Relations.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S14855-14856)
Read twice and referred to the Committee on Labor and Human Resources.
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