Long-Term Investment, Competitiveness, Pension Protection and Corporate Takeover Reform Act of 1991

[AI summary unavailable — showing source text] Long-Term Investment, Competitiveness, Pension Protection and Corporate Takeover Reform Act of 1991 - Amends the Employee Retirement Income Security Act of 1974 to prohibit pension plans from making more than 30 percent of their annual income from stock, securities, options, or forward contracts held for less than three months. Requires pension plan fiduciaries to consider long-term and short-term plan interests when making equity transactions. Prohibits any: (1) distribution of pension plan residual assets for five years following certain acquisitions of the employer's securities; or (2) use of such assets to finance acquisition of the employer's securities (including the redemption or restructuring of any indebtedness incurred in connection with the acquisition). Amends the Securities Exchange Act of 1934 to require the new owner of a plant or facility acquired through certain securities transactions to abide by the terms of any existing collective bargaining agreement for a 180-day period after commencing operations. Requires the new owner to engage in good-faith collective bargaining to cover the unexpired term of any preacquisition collective bargaining agreement. Reduces from…