Employee Benefit Security Act

Employee Benefit Security Act - Declares it to be the policy of this Act to protect interstate commerce and the interests of participants in employee benefit plans and their beneficiaries: (1) by requiring the disclosure and reporting to participants and beneficiaries of financial and other information, (2) by establishing standards of fiduciary conduct upon all persons who exercise any power of control with respect to employee benefit funds or have authority to do so, or have responsibility in the administration of employee benefit plans, and (3) by providing appropriate remedies, sanctions, and ready access to the Federal courts.

Sets forth the definitions of terms used in this Act.

Title I: Judiciary Responsibility and Disclosure - Provides that this title shall apply to any employee benefit plan: (1) if it is established or maintained by any employer engaged in commerce, or by any employee organization in which employees engaged in commerce participate, or both. 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 other specified information.

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 and each annual report.

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.

Provides procedures for the disclosure of benefit rights to participants. 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 administrator of plans covered by this Act. Provides that, upon termination of an employee pension benefit plan, the net assets shall be distributed in a specified manner.

Prohibits specified persons, convicted of enumerated crimes, from holding office in any employee welfare or pension benefit plan.

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 in any activity affecting commerce or by such employer together with any employee organization representing employees engaged in commerce or in any activity affecting commerce; or (2) 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 uses any means or instruments of transportation or communication in interstate commerce or the mails.

Excludes specified types of plans from the coverage of this title, including plans administered by the Federal Government, and plans maintained outside the United States primarily for the benefit of persons who are not citizens of the United States.

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 higher than 25 years. Establishes certain nonforfeitable rights on the part of employees to receive benefits. Provides for the distribution of such nonforfeitable benefits to terminating participants.

Title III: Funding - Provides that this title applies to the same employee benefit pension plans as does title II and excludes from coverage, in addition to those plans excluded under title II, other specified plans.

Requires pension plans subject to this title to provide for a minimum annual level of contributions. Provides formulas for the computation of such minimum levels.

Provides that when the contributions to a pension plan fall below the specified amounts, the administrator shall take such steps as are necessary to guarantee that: (1) the rights of each participant to nonforfeitable benefits accrued to the date of such failure to make appropriate contributions, to the extent then funded, or (2) the rights of each participant to the amounts credited to his account at such time are secure in the event of the plan's termination.

Title IV: Pension Insurance - Creates a Pension Guarantee Corporation which shall insure the unfunded vested liabilities of each member pension plan. Sets forth (1) the composition and compensation of the Board of Directors of such corporation and (2) the bylaws of the corporation.

Directs the corporation to establish a pension guarantee fund, to be composed of all amounts received as premiums, assessments, or fees, and any other assets derived from the operation by the corporation of the insurance program.

Provides that, upon the termination of a member plan, the corporation shall pay to each participant or his beneficiary an amount which is necessary to provide him with retirement benefits in an amount equal to the nonforfeitable retirement benefits which he had under the plan upon the date of termination of the plan. Provides for the payment of initial assessments and annual premiums to the corporation.

Title V: General Provisions - Empowers the Secretary, after receiving the petition of an administrator, to prescribe an alternative method for satisfying specified requirements of this Act with respect to any pension plan.

Prescribes penalties, upon individuals and others, for (1) violations of this Act; (2) the making of false statements, (3) forgery, and (4) attempts to influence the Secretary with respect to any action. Provides for the bringing of civil action under this Act.

Directs the Secretary, in order to avoid unnecessary expense and duplication of functions among Government agencies, to make arrangements for cooperation in the performance of his functions under this Act and the functions of any agency as he may find to be practicable and consistent with law.

Requires the Secretary to make annual reports to Congress conveying his administration of this Act. Directs the Secretary to assess each plan which is subject to title II or III of this Act such fees or charges as the Secretary deems appropriate to cover administrative costs.

Authorizes to be appropriated such sums, without fiscal year limitation, as may be necessary to enable the Secretary to carry out his functions and duties under this Act.