1 See Institute Memorandum to Pension Committee No. 33-96, dated July 10, 1996.
July 17, 1996
TO: PENSION COMMITTEE No. 35-96
RE: SENATE DEFERS CONSIDERATION OF LIMITED SCOPE AUDIT REPEAL
______________________________________________________________________________
The Senate Committee on Labor and Human Resources has decided to defer
consideration of S. 1490, which would have repealed ERISAs limited scope audit provision. As
reported previously1, this bill was scheduled to be considered by the Committee on July 17 and
was strenuously opposed by the Institute and other retirement plan industry representatives. It
remains unclear whether or not the Committee will consider the legislation later this year.
Pension Committee response to our previous memorandum seeking input on potential
compromise proposals was extremely helpful to us. Thank you for taking the time to respond.
We will keep you informed of developments.
Russell G. Galer
Assistant Counsel - Pension