Employee Benefit Security Act

Employee Benefit Security Act - Title I: Fiduciary Responsibility and Disclosure - Provides that this title shall apply to any employee benefit plan if it is established or maintained by any employer engaged in commerce or in any industry or activity affecting commerce, or by any industry or activity affecting commerce. Provides that the administrator of an employee benefit plan shall cause to be published in accordance with this Act to each participant or beneficiary covered thereunder a description of the plan and an annual financial report.

States that such description shall be published within ninety days after such plan is established and shall be written in a manner calculated to be understood by the average plan participant.

Provides that an annual report shall be published with respect to any employee benefit plan to which this title applies. Sets forth the information that shall be contained in such report.

Provides that the administrator of any employee benefit plan subject to this Act shall file with the Secretary of Labor a copy of the plan description.

States that the Secretary may reject any such filing after notice, hearing, and determination by the Secretary that such filing is incomplete for the purpose of this title.

Requires the administrator of an employee pension benefit plan to furnish to any plan participant at least once each year a statement indicating: (1) whether or not such person has a nonforfeitable right to receive a benefit, and (2) the number of the priority under which such benefits would be distributed in the event of termination of the plan.

Provides that the contents of the descriptions and regular annual reports filed with the Secretary pursuant to this title shall be public information.

Provides for the bonding of persons who have fiduciary responsibilities under this title and of persons who handle funds or other property of an employee benefit plan.

Sets forth the fiduciary responsibilities of the administrators of plans covered by this Act.

Provides for the distribution of net assets of a pension benefit plan in the case of a plan's termination.

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.

Title II: Vesting - Provides that this title shall apply to any employee pension benefit plan if it is established or maintained by an employer engaged in commerce or by such employer together with an employee organization representing employees engaged in commerce or in any industry or activity affecting commerce; or if such plan is established or maintained by any employer or by any employer together with any employee organization and if, in the course of its activities, such plan, directly or indirectly, uses any means or instruments of transportation or communication in interstate commerce or the mails.

Excludes from the coverage of this title any employee pension benefit plan if: it is administered by the Federal Government or by an agency or instrumentality of the Federal Government; it is established and maintained outside the United States primarily for the benefit of persons who are not citizens of the United States; or it provides contributions or benefits for a sole proprietor or, in the case of a partnership, a partner who owns more than 10 percent of either the capital interest or the profits in such partnership.

Specifies that no pension plan subject to this title may provide as a condition of eligibility a period of service longer than 1 year or age higher than 25 years. Establishes certain nonforfeitable rights on the part of employees to receive benefits. Stipulates that in computing the period of service under a plan, the employee's entire service with the contributing employer must be considered, except in specified instances.

Title III: Funding - Provides that this title applies to the same employee benefit pension plans as does title II and excluded from coverage, in addition to those plans excluded under title II, any plan which has a fixed contribution rate and does not provide an amount expected to be paid as a fixed benefit and any plan which is a profit-sharing plan providing benefits at or after retirement.

Requires pension plans subject to this title to provide for contributions to the plan in amounts necessary to meet an amount equal to the normal cost since inception of the plan plus interest on any unfunded past service costs and to maintain a minimum ratio of assets to vested liabilities according to a schedule.

Provides that when the contributions to a pension plan fall below the necessary amount, the administrator shall take such steps as are necessary to bring the level of funding into conformity with the benefits offered by the plan.

Title IV: Plan Termination Insurance - Establishes the Private Pension Plan Termination Insurance Program which shall be administered by the Secretary of Labor.

Provides that the insurance program shall insure participants and beneficiaries of those plans registered under this Act against loss of benefits derived from vested rights which arise from the termination of such plans.

States that, upon registration with the Secretary, each plan shall pay a uniform assessment to the insurance program as prescribed by the Secretary to cover the administrative costs of the insurance program.

Requires each registered pension plan to pay an annual premium for insurance at uniform rates established by the Secretary based upon the amount of unfunded vested liabilities subject to insurance. Establishes a separate fund for pension benefit insurance to be known as the Pension Benefit Insurance Fund which shall be available to the Secretary without fiscal year limitation for the purposes of this title.

Title V: General Provisions - Establishes a Variation Appeals Board which shall hear and determine appeals from decisions denying grants of variations in accordance with procedures promulgated by the Secretary pursuant to regulation.

Directs the Secretary to undertake research studies relating to pension plans.

Provides penalties for violations of this Act.

Requires the Secretary to submit an annual report to the Congress covering his administration of this Act for the preceding year.