Multiprotection of Employee Retirement Income and Tax Act (MERIT Act)

Multiprotection of Employee Retirement Income and Tax Act (MERIT Act) - Title I: Fiduciary Responsibility and Disclosure - States that this title shall apply to any employee benefit plan if it is established or maintained: (1) by any employer engaged in commerce or in any industry or activity affecting commerce, or (2) by any employee organization in which employees engaged in commerce or in any industry or activity affecting commerce, or (3) by both.

Requires that a description of any employee benefit plan shall be furnished to the Secretary of the Treasury, participants in such plan, and the beneficiaries within one hundred and twenty days after such plan becomes subject to this Act. Directs the administrator of an employee benefit plan to engage an independent qualified public accountant to conduct an examination of the books and records of the plan as may be necessary to enable him to form an opinion as to whether the financial statement required to be filed under this Act is accurate. Sets forth the requirements for such financial statements.

Requires the administrator of any employee benefit plan subject to this Act to file with the Secretary a copy of the plan description at least once every five years, except that if there is any material modification in the terms of the plan, such description shall be furnished not later than one hundred and twenty days after the change takes effect.

Provides penalties for violations of the provisions of this Act. States that civil actions may be brought under this Act by the Secretary or any participant or beneficiary in any court of competent jurisdiction, State or Federal.

States that the contents of the descriptions and reports filed with the Secretary pursuant to this Act shall be public information, and the Secretary may publish any such information and data.

Sets forth procedures for the termination and distribution of assets of the pension plans established under this Act.

Establishes an Advisory Council on Employee Welfare and Pension Benefit Plans. States that it shall be the duty of the Council to advise the Secretary with respect to the carrying out of his functions under this Act, and to submit to the Secretary recommendations with respect thereto.

Title II: Vesting and Eligibility Requirements - Requires every pension plan subject to this Act to provide nonforfeitable pension benefits in accordance with specified rules. Provides that the benefits provided under the terms of a pension plan shall not be capable of assignment or alienation. Provides procedures for distribution of nonforfeitable benefits to participants who terminate coverage under the plan at or before age 65.

Title III: Funding - States that the minimum contribution to any pension plan for each plan year shall be a contribution which results in the plan having no accumulated funding deficiency at the end of such plan year. Requires the administrator of the plan to file with the Secretary a funding status report. Establishes standards under which the Secretary may grant permission for a variance from the funding requirements of this Act.

Title IV: Registration, Enforcement, and Miscellaneous Provisions - Requires every administrator of a pension plan to file with the Secretary an application for registration of such plan. States that such application shall be in such form and shall be accompanied by such documents as shall be prescribed by regulation of the Secretary. States that if at any time the Secretary determines that a plan required to qualify under this title is not qualified or is no longer qualified for registration he shall notify the administrator of the deficiency or deficiencies in the plan. States that if the Secretary determines that the deficiency or deficiencies have not been removed within a reasonable time, he shall enter an order denying or canceling the certificate of registration. Establishes a Variation Appeal Board to hear and determine appeals from such decisions of the Secretary.

Directs the Secretary to submit annually a report to the Congress covering his administration of this Act for the preceding year. Authorizes the Secretary to establish and maintain within the Internal Revenue Service an Office of Employee Organizations.

Authorizes to be appropriated such sums as may be necessary to enable the Secretary to carry out his functions and duties under this Act.

Title V: Internal Revenue Code Amendments - Provides a tax deduction for retirement savings under the Internal Revenue Code. Sets forth requirements for a trust created or organized in the United States to constitute a qualified individual account under the Internal Revenue Code. Makes provisions for an excise tax on individual retirement accounts. Establishes an excise tax on prohibited pension, profit sharing, and stock bonus plans.