A bill to amend the Employee Retirement Income Security Act of 1974.

(Reported to House from the Committee on Education and Labor with amendment, H. Rept. 94-646)

Provides, under the Employee Retirement Income Security Act, that a person is a fiduciary of a pension plan to the extent he exercises any discretionary authority or discretionary control respecting management of such plan or exercises any authority or control respecting management or disposition of its assets.

Excludes from the definition of "fiduciary" employees, officers and directors of organizations which are fiduciaries where such persons simply carry out their functions as employees, officers and directors.

Requires a plan's annual report to show the present value of all the plan's liabilities for nonforfeitable pension benefits and the actuarial assumptions used in these computations.

Directs the Secretary of Labor to use Treasury forms for reporting requirements of plans qualified under the Internal Revenue Code.

Limits computation of "year of service" in a multi-employer plan to employment within the scope of the applicable collective bargaining agreement.

Exempts from the merger distribution and consolidation standards, any plan covered by termination insurance under title IV of such Act.

Provides that if the assets of a plan are held by two or more trustees, each shall use reasonable care to prevent a co-trustee from committing a breach, and they shall jointly manage and control the assets of the plan, except that an agreement may be entered allocating specific responsibilities, obligations, or duties among trustees, in which event a trustee to whom such responsibilities, obligations, or duties have been allocated shall not be liable either individually or as a trustee for any loss resulting to the arising from the acts or omissions on the part of another trustee.

States that no fiduciary who has authority or discretion to control or manage the assets of a plan shall permit the plan to acquire or hold any employer security or employer real property if he knows or should know that acquiring or holding such security or real property violates provisions of such Act.

Prohibits fiduciaries from dealing with assets of a plan in their own interests, or from acting in any transaction involving a plan on behalf of a party whose interests are adverse to the interests of the plan or the interests of its participants or beneficiaries.

Limits the authority of the Secretary of Labor under such Act so as not to include promulgation of regulations regarding the definitions of "fiduciary" and "investment manager.

Establishes a 45-day period during which the House of Representatives and Senate can disapprove a proposed regulation of the Secretary or of the Pension Benefit Guarantee Corporation.

Increases the number of plan years from two to five during which an employer must make contributions equalling or exceeding 10 percent of all employer contributions paid to a plan in order for the employer to be considered a substantial employer.

Provides that where merger or consolidation of a plan occurs within five years preceding termination, premerger benefits are guaranteed.

States that no payment may be made by such corporation under any insurance provided by it under this Act unless the premiums on such insurance have been paid by the employer for more than 60 months, and requires such corporation to make such insurance available for employers by September 1, 1975.

States that an insured pension plan may be amended so that accrued benefits do not accumulate after the date of the amendment.

Limits the employer's liability under Title IV of such Act to no more than 30 percent of his net worth at the time of termination.