Oversight Hearing on ERISA Enforcement: Hearing Before the Subcommittee on Labor-Management Relations of the Committee on Education and Labor, House of Representatives, One Hundred First Congress, Second Session, Hearing Held in Washington, DC, January 31, 1990, Volume 4 |
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Common terms and phrases
Acting Inspector actions addition agencies AICPA assistance BALL BALLENGER Black Lung Brian Hyland Casalino Chairman CLAY civil penalties conduct Congress criminal enforcement criminal investigations DAVIS Department of Justice Department of Labor effective Elizabeth Dole embezzlement employee benefit plans employer welfare arrangements enforcement efforts enforcement of ERISA enforcement program enforcement strategy ERISA enforcement Erlenborn Federal fiduciary Frank Horton fraud and abuse fraudulent MEWAS GRANDY indictment Internal Revenue Service investigative organization issue JTPA Labor Racketeering MARGE ROUKEMA ment multiple employer welfare obtained Office of Inspector Office of Labor OIG's participants and beneficiaries PBGC Pension and Welfare pension plans percent plan assets plan participants private pension professional protect PWBA PWBA's Raymond Maria regulation reports responsibility ROUKEMA savings and loan staff subcommittee targeting Thank tion U.S. Attorney U.S. Department United States Attorney Welfare Benefits Administration welfare plans
Popular passages
Page 45 - Where government is based on the consent of the governed, every citizen is entitled to have complete confidence in the integrity of his government. Each individual officer, employee, or adviser of government must help to earn and must honor that trust by his own integrity and conduct in all official actions.
Page 28 - Comptroller of the Currency, Federal Deposit Insurance Corporation, Federal Home Loan Bank Board and National Credit Union Administration — by which these agencies refer to the Department suspected ERISA violations arising out of their audits.
Page 19 - As used in this section, the term "any employee welfare benefit plan or employee pension benefit plan** means any such plan subject to the provisions of the Welfare and Pension Plans Disclosure Act.
Page 68 - I am pleased to appear before you this morning to discuss the Department of Labor's enforcement of the Employee Retirement Income Security Act...
Page 48 - This standard places upon auditors and audit organizations the responsibility for maintaining independence so that opinions, conclusions, judgments, and recommendations will be impartial and will be viewed as impartial by knowledgeable third parties.
Page 14 - ... retirement income and welfare benefits of the nation's private sector work force. Presently, 76 million Americans are covered by more than 900,000 pension plans and 4.5 million welfare plans. Altogether, ERISA plans hold over $1.8 trillion in assets, with ERISA pension plans holding $1.7 trillion. Under ERISA, the Secretary of Labor is charged with the responsibility of protecting these assets on behalf of participants and beneficiaries. Before I...
Page 69 - ERISA allows a plan administrator to omit from audit review any assets held in trust in a government-regulated industry such as a bank or savings and loan institution. This is commonly referred to as a "limited scope review.
Page 24 - This program focuses our resources to deliver the greatest deterrent effect and to safeguard the largest number of pension and welfare plans.
Page 25 - Most small plans are dependent on outside service providers such as consultants, plan administrators, banks and investment managers. Through this strategy an investigation of one service provider or financial institution may impact hundreds, and in some cases thousands, of employee benefit plans.
Page 13 - I am saying that neither we nor anyone else has an accurate picture of the scope of the MEWA problem.