A bill to amend the Employee Retirement Income Security Act of 1974, and the Internal Revenue Code of 1954 to improve the administration and fairness of provisions relating to employee benefit plans.

Amends the Employee Retirement Income Security Act of 1974 to raise, for employee benefits plans covering less than 100 participants, the maximum percentage of plan assets which may be placed in single investment.

Exempts from mandatory plan termination insurance through the Pension Benefit Guaranty Corporation plans covered entirely through fully funded insurance policies.

Exempts from funding requirements certain plans funded exclusively by the purchase of group deferred annuity contracts.

Modifies, with respect to vesting standards, the requirement that a benefit or employee ownership plan not discriminate in favor of employees who are officers, shareholders, or highly compensated in order to qualify for certain favorable tax treatment.

Exempts plans with fewer than 100 participants from notification requirements relative to advance determination of compliance of a plan with Internal Revenue Code guidelines.

Allows for separate treatment of a plan of a corporation which is a member of a group of controlled corporation if the plan is separately and independently maintained. Restricts the liability of an employer who is making contributions under a multiemployer plan for funding violations if the employer itself has complied with pertinent law and the breach arose out of a transaction beyond the employer's control.

Stipulates that investment of plan funds in a pooled separate account under a group annuity contract issued by a regulated insurance company shall not result in the company being deemed a plan fiduciary or in any company assets being deemed plan assets.