Pension and Employee Benefit Act

Pension and Employee Benefit Act - Provides that it shall be the duty of the Secretary of Labor: (1) to promote the establishment, extension, and improvement of pension, profit-sharing-retirement and other employee benefit plans; (2) to accept for registration all pension and profit-sharing-retirement plans required and qualified to be registered with the Secretary; (3) to cancel certificates of registration of pension and profit-sharing-retirement plans registered which cease to be qualified for such registration; (4) to direct and administer the pension reinsurance program established by title II of this Act; (5) to direct and administer the pension portability program established by title II of this Act; (6) to enforce the provisions of title IV of this Act; and (7) to perform such other functions as may be necessary to administer the provisions of this Act.

Sets forth the administrative powers of the Secretary.

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

Title I: Benefit Standards - Provides that every administrator of a pension or profit-sharing-retirement plan to which this title applies shall file with the Secretary an application for registration of such plan. Specifies the requirements that such plans must meet to qualify for such registration, including a definition of the benefits provided, the method of determination and payment of benefits, conditions for qualification for membership in the plan, and the financial arrangements made to insure provisional or full funding of benefits under the plan. Provides that the Secretary shall require each plan to furnish each participant, upon termination of service, with a vested right to a deferred life annuity, pension, or other vested interest.

Provides that a pension or profit-sharing-retirement plan filed for registration under this title shall provide that a member of the plan who has been in the service of the employer, or has been a member of the plan, for a continuous period of five years, is entitled upon termination of his employment or membership in the plan prior to attaining retirement age in the case of a pension plan to a deferred life annuity commencing at his normal retirement age, and in the case of a profit-sharing-retirement plan to a nonforfeitable right to his interest in such plan, equal to 10 percent of full pension benefits as provided by the plan with respect to such service or such interest, respectively. Provides that such plans shall set forth provisions for funding that prescribe the obligation of the employer to contribute both with respect to the current service cost of the plan and the initial unfunded liability and experience deficiency.

Provides that the Secretary, in respect to a registered pension plan, shall cause the plan to be reviewed not more than three years after registration and at intervals of not more than three years thereafter. Provides for registration of certain pension plans not meeting the above requirements if such plans meet other minimum requirements.

Provides a formula for the allocation of funds among contributors to a pension plan upon complete or substantial termination thereof. Provides for the enforcement of the payment of death benefits under a pension or profit-sharing-retirement plan covered by this title.

Title II: Pension Reinsurance - Establishes a program to be known as the Federal pension reinsurance program to insure beneficiaries of a reinsured pension plan against loss of nonforfeitable benefits to which they are entitled under such pension plan arising from substantial cessation of one or more of the operations carried on by the contributing employer in one or more facilities of such employer before such plan has been fully funded. Provides that each registered pension plan shall pay an annual premium for reinsurance under the program as may be established by the Secretary. Provides for a limited reinsurance program of plans to which it is not feasible to give full insurance.

Provides that in carrying out his duties under this title the Secretary shall establish a revolving fund into which all amounts paid into the program as premiums shall be deposited and from which all liabilities under the program shall be paid. Authorizes the Secretary to borrow from the Treasury such amounts as may be necessary for deposit into the revolving fund to meet the liabilities of the program.

Title III: Pension Portability Program - Authorizes the Secretary to receive amounts which are transferred to him from a registered plan and which are in settlement of an individual's rights under the plan when such individual is separated from employment covered by the plan before the time prescribed for payments under the plan to such individual or to his beneficiaries.

Title IV: Fiduciary Responsibility and Disclosure - Provides that this title shall not apply to an employee benefit plan if: (1) such plan is administered by the Federal Government or any agency or instrumentality of the Federal Government; (2) such plan was established and is maintained solely for the purpose of complying with applicable workmen's compensation laws or employment compensation disability insurance laws; and (3) such plan covers not more than eight participants.

Requires a description of any employee benefit plan to be published within ninety days after the establishment of such plan or when such plan becomes subject to the Act, whichever is later.

Provides that if some or all of the benefits under the plan are provided by an insurance carrier or service or other organization, such carrier or organization shall certify to the administrator of such plan, within one hundred and twenty days, such reasonable information determined by the Secretary to be necessary to enable such administrator to comply with the requirements of the Act. Provides that an annual report shall be published with respect to any employee benefit plan if the plan provides for an employee benefit plan subject to the Act or if it covers eight or more participants. Sets forth the information required in such reports. Sets forth the information required to be in the annual report of an employee pension benefit plan including: (1) the type and basis of funding; (2) the number of participants; (3) the amount of all reserves or net assets accumulated under the plan; (4) the present value of all liabilities; (5) the ratio of the market value of the reserves and assets of the plan to the liabilities of the plan; (6) a copy of the most recent actuarial report; and (7) a statement showing the number of participants who terminated service under the plan during the year.

Provides criminal penalties for violation of the provisions of this Act. Directs the Secretary to determine whether any person has violated or is about to violate any provision of supporting schedules of financial information required to be furnished under this Act. of this title, to make an investigation, and in connection therewith he may require the filing

Allows civil actions to be brought by a participant or beneficiary of a plan to determine the vesting of benefits of the plan, to recover benefits due him under the terms of his plan, or to clarify his rights to future benefits under the terms of the plan. Directs that the Secretary, a participant, or a beneficiary may bring an action for appropriate legal or equitable relief to redress the breach of any responsibility of a fiduciary under this Act.

Allows the Secretary to bring a civil action to enjoin any act or practice which appears to him to violate any of the provisions of this title.

Requires that the contents of annual reports filed with the Secretary pursuant to this title shall be public information. Prescribes that every person required to file any description or report or to certify any information under this Act shall maintain records on the matters of which disclosure is required. Directs that every fiduciary and every person who handles funds or other property of an employee benefit plan shall be bonded, except where the only assets from which benefits are paid are the general assets of a union or employer. Provides that every employee benefit plan shall be deemed to be a trust.

Sets forth the responsibilities and obligations of fiduciaries in fulfilling their duties under the Act. Provides that no fiduciary may be relieved from any responsibility, obligation, or duty under this Act by agreement or otherwise. Provides that no one who has been convicted of specified crimes shall serve in a fiduciary position of any employee benefit plan, or as a consultant to any employee benefit plan during or for five years after such conviction.

Establishes an Advisory Council on Employee Welfare and Pension Benefit Plans to advise the Secretary with respect to the carrying out of his functions under this title, and to submit to the Secretary recommendations with respect thereto. Repeals the Welfare and Pension Plan Disclosure Act.

Title V: Enforcement - Prescribes that the Secretary may petition any district court of the United States having jurisdiction over the parties, or the United States District Court for the District of Columbia, for an order requiring the administrator of the plan to comply with the registration requirements of title I.

Provides that suits by an administrator or fiduciary of a pension plan, a profit-sharing-retirement plan, or an employee's benefit fund to review any final order of the Commission, to restrain the Commission from taking any action contrary to the provisions of this Act, or to compel action under this Act, may be brought in the name of the plan or fund in the district court of the United States.

Provides that the provisions of this act shall supersede any and all laws of the States and political subdivisions thereof insofar as they may now or hereafter relate to the subject matter regulated by this Act. (Repeals 29 U.S.C. 301-309)