Bill Proposes EBSA Reporting Requirements

Senators Bill Cassidy (R-LA) and Jim Banks (R-IN) have introduced the Investigation Status and Governance for Honest Transparency (INSIGHT) Act. According to a press release, the bill would require the Employee Benefits Security Administration (EBSA) to do the following.

• Annually report to Congress on enforcement investigations, including origin, key dates, timeliness, and explanations with estimated completion dates for cases exceeding 36 months, without identifying information.
• Notify plan sponsors when the Department of Labor provides adverse assistance to plaintiff attorneys and to execute and disclose written agreements, with an annual report to Congress on such agreements.

Similar legislation cleared the House Education and Workforce Committee last year under the Balance the Scales Act sponsored by Representative Michael Rulli (R-OH), and the EBSA Investigations Transparency Act by Representative Lisa McClain (R-MI).