Employee Benefit Administration Act

Summary

Employee Benefit Administration Act - Amends the administration and enforcement provisions of the Employee Retirement Income Security Act of 1974 to direct the President to establish an Employee Benefit Administration, to be headed by a Board of Directors consisting of the Secretary of Labor and Secretary of the Treasury, ex officio, and one person appointed by the President. Directs the President to transfer and vest in the Board: (1) the functions and duties of the Secretary of Labor under the Employee Retirement Income Security Act and under the Welfare and Pension Plans Disclosure Act; (2) such functions and duties of the Secretary of the Treasury under the Internal Revenue Code with respect to employee benefit plans and the Employee Retirement Income Security Act as the President may designate; and (3) such functions and duties of other Federal department and agencies with respect to employee benefit plans as the President may designate. Requires that such Presidential order provide for the transfer of all functions and duties relating to the qualification of employee benefit plans under the Internal Revenue Code and of such other functions and duties under the Code as may be necessary to effectuate maximum feasible consolidation in the Employee Benefit Administration of all administrative, enforcement, and related functions of the Federal Government respecting employee benefit plans. Establishes the Pension Benefit Guaranty Corporation within the Administration. Directs the transfer to the Administration of such officers and components of the Department of Labor and the Department of the Treasury, including the Internal Revenue Service, as may be necessary to maintain and improve administration of the functions transferred to the Administration under this Act. Sets forth procedures and duties relative to coordination between the Secretary of the Treasury and the Board with respect to their respective functions regarding employee benefit plans. Revises procedures relative to determination of whether a pension, profit- sharing, stock bonus, or annuity or bond purchase plan meets the requirement of specified sections of the Internal Revenue Code in order that such procedures will conform with the transfers of functions and duties made pursuant to this Act. Retains for the Secretary of Labor the power to intervene in any action brought for declaratory judgment under the Internal Revenue Code relative to the qualification of such a plan. Repeals procedures to be followed by the Secretary of Labor and the Secretary of the Treasury with respect to continued plan compliance with Internal Revenue standards and in connection with certain prohibited transactions. Transfers from the Secretary of Labor to the President the power to appoint members of the Advisory Council on Employee Welfare and Pension Benefit Plans. Revises the composition of the Board of Directors of the Pension Benefit Guaranty Corporation to substitute the Presidential appointee to the Board of the Employee Benefit Administration, ex officio, for the Secretary of Commerce.

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1 official file

• Introduced in House

  summary · EN · 2 March 1977

  Open at official source

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