Depository Institution Employee Benefits Protection Act

Depository Institution Employee Benefits Protection Act - Amends the Federal Deposit Insurance Act (the Act) to direct the Federal Deposit Insurance Corporation (FDIC) to require an acquiring institution or company to take FDIC-determined appropriate action to retain or give future hiring preference to employees of any insured depository institution for which the FDIC has been appointed conservator or receiver (as a condition for providing any assistance to the acquiring insured depository institution or depository institution holding company). Authorizes the FDIC to apply such requirement in a manner which it determines appropriate in the case of more than one acquirer.

Prohibits the FDIC, notwithstanding specified provisions of the Act relating to contracts, from disaffirming or repudiating any collective bargaining agreement with any insured depository institution which was in effect at the time of the FDIC's appointment as conservator or receiver, but allows the FDIC to renegotiate the terms of any such collective bargaining agreement.

Directs the FDIC and the Resolution Trust Corporation (RTC) to ensure that they (as conservator or receiver) and any successor institution honor the obligations and policies of any depository institution placed in such receivership with respect to such institution's employees (including retired or former employees) who are not covered by a collective bargaining agreement on the date of such appointment. Includes among such obligations and policies: (1) health care coverage, including continuation coverage for group plans, and other medical benefits; (2) severance pay; (3) accrued sick and vacation leave; and (4) pension rights and benefits, including any liability for any unfunded or underfunded pension plan or deferred compensation plan. Directs FDIC and RTC to implement procedures to provide for assumption of such employee benefit obligations and continuation of such policies by successor institutions to the greatest extent practicable.

Directs the FDIC, within the 120-day period beginning on the date of enactment of this Act, to report to the Congress with recommendations for such additional legislative action as the FDIC determines appropriate to carry out the purposes of this Act.