Sponsors (4)
The bill increases transparency and congressional oversight of EBSA investigation timeliness—helping accountability and targeting fixes—while imposing modest DOL administrative costs and creating risks of higher compliance burdens or misinterpretation of the reported data.
Taxpayers, state governments, Congress, and public oversight groups will get annual, standardized data on EBSA investigation timeliness, increasing transparency and accountability for retirement-plan enforcement.
Congress and oversight bodies will be better able to identify EBSA resource or process bottlenecks and target funding or legislative fixes to improve enforcement speed and effectiveness.
ERISA plan sponsors and service providers (including small-business owners and financial institutions) will gain clearer visibility into average investigation duration, helping them assess regulatory risk and plan compliance resources.
Department of Labor staff and taxpayers may incur additional administrative burden because DOL must compile, redact, and publish annual reports, potentially diverting staff from investigations or requiring extra appropriations.
Financial institutions and some plan service providers could face higher compliance costs if aggregated reporting reveals operational patterns that invite additional scrutiny or cause providers to adopt more costly defensive compliance measures.
Taxpayers, Congress, and oversight groups could receive an incomplete or misleading picture of enforcement effectiveness if reports are delayed, incomplete, or over-aggregated, reducing the usefulness of the transparency requirement.
Based on analysis of 2 sections of legislative text.
Requires the Department of Labor to send Congress an annual, non‑identifying report listing EBSA enforcement matters and metadata, including dates and whether each closed within 36 months.
Requires the Department of Labor to send Congress an annual, non‑identifying report on the status of Employee Benefits Security Administration (EBSA) enforcement matters from the prior fiscal year. The report must list each investigation’s opening office and dates, note whether it was closed within 36 months of the first document request, and provide additional status details for matters that exceed 36 months. Also establishes a short title for the Act and defines how “concluded” is measured for the 36‑month test. The report must exclude information that would identify plan sponsors, fiduciaries, service providers, employees, or plan participants.
Introduced April 10, 2025 by Lisa C. McClain · Last progress April 10, 2025