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

Eliminates the requirement, under the Employee Retirement Income Security Act, that annual reports with respect to the present value of employee pension benefit plan liabilities describe allocation by termination priority categories.

Increases the period of time for determining as a variable the amounts necessary to amortize credits to the funding standard account from 5 to 30 plan years.

Requires that changes in actuarial methods be taken into account in determining credits to the funding standard account.

States that in situations where 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 of fiduciary responsibility and they shall jointly manage the assets of the plan. Revises the standards and available procedures for determining when liability for the breach of a co-fiduciary attaches.

Sets forth amended standards governing fiduciary responsiblity with respect to fund assets. Eliminates restrictions on specified fiduciaries to receive reasonable compensation for services rendered.

Makes the development of a system under which risks with respect to contingent liability insurance are equitably distributed between the Pension Benefit Guaranty Corporation and private insurers discretionary with the Corporation. Requires the Corporation to make such insurance available for employers by September 1, 1975.