A bill to amend the Employee Retirement Income Security Act of 1974 in order to implement certain recommendations of the Commission on Federal Paperwork, to facilitate the establishment of employee retirement plans of small businesses, and for other purposes.

Amends the Employee Retirement Income Security Act of 1974 to repeal the requirement that the administrator of an employee benefit plan file with the Secretary of Labor a copy of the summary plan description at times when copies of such description are required to be furnished to participants and beneficiaries.

Directs the Secretary to make every effort to minimize reporting requirements for plans with 25 or fewer participants.

Revises requirements for annual statements to employee benefit plan beneficiaries.

Provides for small business representation on the Advisory Council on Employee Welfare and Pension Benefit Plans.

Specifies deadlines by which requested administrative action must be taken.

Revises guidelines for fiduciaries investing employee benefit plan funds.