Simplification of auditing requirements for groups of plans

Section 202 of the Setting Every Community Up for Retirement Enhancement Act of 2019 (29 U.S.C. 6058 et seq.) is amended by— (1) by striking relate only and inserting the following: (A) relate only; and (2) by striking the period and inserting the following:; and (B) be based on the same accounting principles applicable to opinions with respect to pooled employer plans (as defined in section 3(43) of such Act (29 U.S.C. 1002(43))), except that such an opinion shall take into account the limitations on the use of the assets of a plan to pay benefits and expenses only with respect to such plan and shall take into account that plans in a group of plans described in subsection (c) may have separate trusts..