Security and Enforcement Compliance for Retirement under ERISA

[AI summary unavailable — showing source text] Security and Enforcement Compliance for Retirement under ERISA - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to repeal the mandate for limited scope audits. Establishes certain reporting and enforcement requirements for employee benefit plans under ERISA. Requires a plan administrator to notify the Secretary of Labor, within five business days, of: (1) irregularities that may have occurred with respect to the plan; and (2) the termination of the plan's accountant. Requires plan accountants to notify the Secretary of: (1) such irregularities, if the administrator does not do so; and (2) any disagreements they may have with the reasons given by the administrator for their termination. Sets forth civil penalties for violations of such requirements. Sets forth additional requirements for qualified public accountants for plans under ERISA. Revises fiduciary penalties to: (1) modify a prohibition of assignment or alienation; (2) make discretionary the imposition and amount of civil penalties for breach of fiduciary responsibility; and (3) provide for the applicable recovery amount and other rules. Directs the Inspector General of the Department of Labor to study an…