Pension Protection Act

[AI summary unavailable — showing source text] Pension Protection Act - Title I: Vesting - Provides that no employee benefit plan commencing after December 31, 1972, shall require as a condition of eligibility to participate in such plan the attainment of an age greater than twenty-five years or the completion of a period of service with an employer contributing to a plan greater than one year, whichever occurs later. Makes provisions for nonforfeitable rights to normal retirement benefits for plans in existence before December 31, 1972. Authorizes the Secretary of the Treasury to prescribe alternative methods for satisfying the requirements of this title. Establishes a Variation Appeals Board to hear and determine appeals from decisions denying grants of variations. Allows the Secretary to bring civil actions to enjoin any practice which appears to violate any provision of this title. Title II: Plan Termination - Requires administrators operating a plan to purchase plan termination insurance to protect beneficiaries, with penalties established for violation of this provision. Makes employers and administrators liable for any loss of vested benefits in the event of a plan termination. Makes provisions for filing, deciding, and …