HR2869-119

1. Short title This Act may be cited as the Employee Benefit Security Administration Investigations Transparency Act or the EBSA Investigations Transparency Act.

2. Annual report on investigations Section 504 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1134) is amended by adding at the end the following: Not later than December 31 of each year following the date of enactment of this Act, the Secretary shall submit to Congress a report on the status of cases in enforcement status, including investigations that are active, or in relation to which the Secretary asserted investigative authority or engaged in targeted compliance monitoring, under section 504(a), during the preceding fiscal year. The report required under subsection (a) shall include the following information in relation to each investigation conducted under section 504(a): The regional or district office, or any other office, of the Employee Benefit Security Administration that opened the investigation. The date the investigation was opened. The date on which the Secretary first requested documents from the target of the investigation. In relation to the date on which the Secretary first requested documents from the target of the investigation in relation to such investigation— whether the investigation was concluded within the 36-month period beginning on the date of such request; and if such investigation has not been concluded by the end of such 36-month period— information on why such investigation has not been concluded; and the estimated date of conclusion. The report shall not include information identifying any private party to the investigation, including any plan sponsor, fiduciary, service provider, employee, or participant. For the purposes of paragraph (A)(iv), an investigation shall not be considered concluded until the later of— the date on which the Secretary ceases to assert investigative authority in relation to such investigation; or if applicable, terminates any targeted compliance monitoring, (f)Report on investigations(1)In generalNot later than December 31 of each year following the date of enactment of this Act, the Secretary shall submit to Congress a report on the status of cases in enforcement status, including investigations that are active, or in relation to which the Secretary asserted investigative authority or engaged in targeted compliance monitoring, under section 504(a), during the preceding fiscal year.(2)Contents(A)In generalThe report required under subsection (a) shall include the following information in relation to each investigation conducted under section 504(a):(i)The regional or district office, or any other office, of the Employee Benefit Security Administration that opened the investigation.(ii)The date the investigation was opened.(iii)The date on which the Secretary first requested documents from the target of the investigation.(iv)In relation to the date on which the Secretary first requested documents from the target of the investigation in relation to such investigation—(I)whether the investigation was concluded within the 36-month period beginning on the date of such request; and(II)if such investigation has not been concluded by the end of such 36-month period—(aa)information on why such investigation has not been concluded; and(bb)the estimated date of conclusion.(B)Excluded informationThe report shall not include information identifying any private party to the investigation, including any plan sponsor, fiduciary, service provider, employee, or participant.(C)Conclusion of investigationsFor the purposes of paragraph (A)(iv), an investigation shall not be considered concluded until the later of—(i)the date on which the Secretary ceases to assert investigative authority in relation to such investigation; or (ii)if applicable, terminates any targeted compliance monitoring,in each case as memorialized in a closing letter delivered to the target of the investigation or the party subject to compliance monitoring. In the event that the issues or topics under investigation change during the course of an investigation, the Secretary’s continuing assertion of authority under section 504 shall be treated as a continuing investigation and not as a separate investigation. .