Pension Protection Act

Pension Protection Act - Title I: Vesting - Provides that no employee benefit plan commencing after December 31, 1972, shall require as a condition of eligibility to participate in such plan the attainment of an age greater than twenty-five years or the completion of a period of service with an employer contributing to a plan greater than one year, whichever occurs later. Makes provisions for nonforfeitable rights to normal retirement benefits for plans in existence before December 31, 1972.

Authorizes the Secretary of the Treasury to prescribe alternative methods for satisfying the requirements of this title. Establishes a Variation Appeals Board to hear and determine appeals from decisions denying grants of variations. Allows the Secretary to bring civil actions to enjoin any practice which appears to violate any provision of this title.

Title II: Plan Termination - Requires administrators operating a plan to purchase plan termination insurance to protect beneficiaries, with penalties established for violation of this provision. Makes employers and administrators liable for any loss of vested benefits in the event of a plan termination. Makes provisions for filing, deciding, and paying insurance claims by administrators.

Title III: Pension Benefit Insurance Corporation - Establishes, within the Department of the Treasury and under the Secretary of the Treasury, the Pension Benefit Insurance Corporation, which shall insure vested liabilities of pension plans under this Act to protect participants and beneficiaries against possible loss of vested benefits arising from the termination of the plan. Sets forth the functions and powers of such Corporation.

Creates within the Treasury a Pension Insurance Fund available to the Corporation for purposes of this title, and authorizes such sums as are necessary for this Fund.

Creates a Board of Directors to carry out the functions of the Corporation. Establishes a Technical Advisory Committee on Pension Insurance to advise and consult with the Corporation in carrying out the provisions of this Act. Empowers the Corporation to appoint and fix the compensation of such officers, attorneys, and employees as may be necessary for the conduct of its business. Requires a complete report to the President annually on the business of the Corporation.

Title IV: General Provisions - Requires the Secretary of the Treasury to report to the Congress by July 1, 1974, on the results of a comprehensive study relating to pension plans, including the effects of this Act upon the provisions and costs of pension plans, the operation of private pension plans, and recommendations for further legislation.

Provides for cooperation with State and Federal agencies by the Secretary in carrying out the purposes of this Act. Authorizes the Secretary to prescribe regulations for this Act, and to investigate matters which appear to violate the provisions of this Act.

Provides for judicial review for parties denied a request for a variation under title I, or refused a claim for payment of insurance under title II of this Act. Authorizes such sums as necessary to enable the Secretary to carry out his functions and duties under this Act.