Rynek pracy · 1.12.1999

Proposed Small Pension Plan Security Amendments

This document contains proposed amendments to the regulations governing the circumstances under which small pension plans are exempt from the requirements to engage an independent qualified public accountant and to include a report of the accountant as part of the annual report under Title I of the Employee Retirement Income Security Act of 1974, as amended (ERISA). Regulation 29 CFR 2520.104-46 provides a waiver of the annual examination and report of an independent qualified public accountant for employee benefit plans with fewer than 100 participants at the beginning of the plan year. The proposed amendments are designed to increase the security of assets in small pension plans by conditioning the waiver of the requirements concerning the engagement of an accountant on enhanced disclosure of information to participants and beneficiaries and, in certain instances, improved bonding requirements. This regulatory action is being proposed as a way of enhancing the security and accountability of small pension plans because of recent cases involving embezzlement or other misappropriations of pension assets that have focused national attention on the potential vulnerability of small pen