Employee Benefit Security Act

[AI summary unavailable — showing source text] Employee Benefit Security Act - Provides coverage for all private employee benefit plans under Commerce Clause jurisdiction with specified exceptions. Requires the administrator of a pension or welfare plan to publish and make available to each participant or beneficiary a description of the plan and a summary of the annual financial report as set forth in the Act. States that the report would be in such form and detail as the administrator finds necessary to disclose fully and fairly all pertinent facts. Requires, upon termination of a pension or welfare plan, the administrator to file a special terminal report as prescribed by the Secretary of Labor. Declares that plan descriptions shall be published within 120 days after the establishment of a plan or within 120 days after a plan becomes subject to this Act, whichever is later. Provides that the description would have to be comprehensive and written in a manner calculated to be understood by the average plan participant. Requires an annual financial report to the Secretary of Labor for all plans; provides that the Secretary shall exempt plans with less than 26 and may exempt plans with less than 100 participants. Authorizes the …