EBSA would face new reporting rules on investigations

What does this do?

This bill tells the Employee Benefit Security Administration, the federal agency that oversees workplace retirement and benefit plans, to send Congress annual reports. Those reports must cover the status of open investigations and any written agreements the agency makes to share information with or assist private attorneys suing employers or plan managers. For each investigation, the report must include when it started, when documents were first requested, and whether it closed within three years, and if not, why not and when it is expected to end.

Who does it affect?

Employers who offer retirement and benefit plans and the fiduciaries who manage those plans are most directly affected, along with private lawyers who may work alongside the agency on lawsuits. Workers enrolled in those plans are also indirectly affected since the bill focuses on transparency around the agency's enforcement and legal cooperation activities.

Why does it matter?

Congress would receive more detailed information about how long investigations take and how the agency works with private attorneys. Employers and plan managers would also have to be notified before the agency enters into any information-sharing arrangement with a private lawyer.

Where does it stand?