H.R. 2869: Employee Benefit Security Administration Investigations Transparency Act

This bill, titled the Employee Benefit Security Administration Investigations Transparency Act, aims to improve the transparency of investigations conducted by the Employee Benefit Security Administration (EBSA) under the Employee Retirement Income Security Act (ERISA) of 1974. The key provisions of the bill include:

Annual Reporting Requirements

The Secretary of the EBSA would be required to submit an annual report to Congress by December 31 each year. This report must detail:

• The status of enforcement actions and investigations that occurred in the previous fiscal year.
• Information pertaining to each investigation launched, such as:
• The EBSA office that initiated the investigation.
• The date the investigation was opened.
• The date when the EBSA first requested documents from the target of the investigation.
• Whether the investigation was concluded within a 36-month period after the document request.
• If not concluded within that timeframe, reasons for the delay and an estimated conclusion date.

Exclusions from Report

The reports generated under this bill would not disclose the identities of any private parties involved in investigations. This includes any plan sponsors, fiduciaries, service providers, employees, or participants associated with the investigations.

Conclusion of Investigations

An investigation would not be deemed concluded until:

• The Secretary stops asserting authority over the investigation.
• Any targeted compliance monitoring related to the investigation has been terminated.

Closure would be documented in a closing letter sent to the relevant parties. If the focus of the investigation changes during its course, it would continue to be treated as a single investigation rather than separate inquiries.

Purpose of the Bill

The intent of this bill is to ensure that Congress is kept informed about the actions and effectiveness of the EBSA in enforcing employee benefit security laws, while still protecting the identities of those involved in investigations.

Relevant Companies

None found