[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 198 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 198

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.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 5, 1993

  Mr. Hughes (for himself and Mr. Boehlert) introduced the following 
    bill; which was referred to the Committee on Education and Labor

_______________________________________________________________________

                                 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)''.

SEC. 2. EFFECTIVE DATE.

    The amendments made by this Act shall apply to annual reports 
required to be published after the date of the enactment of this Act.

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