Pension and Employee Benefit Act

[AI summary unavailable — showing source text] Pension and Employee Benefit Act - Establishes in the executive branch of the Government an independent agency to be known as the "United States Pension and Employee Benefit Plan Commission," to: (1) promote the establishment, extension, and improvement of pension, profit-sharing-retirement and other employee benefit plans; (2) accept for registration all pension and profit-sharing-retirement plans required and qualified to be registered with the Commission, and reject any pension or profit-sharing-retirement plan that does not qualify for registration; (3) cancel certificates of registration of pension and profit-sharing-retirement plans registered under this Act which cease to be qualified for such registration; (4) direct and administer the pension reinsurance program established by this Act; (5) direct and administer the pension portability program established under this Act; and (6) perform such other functions as may be necessary to administer the provisions of this Act. Authorizes to be appropriated such sums as may be necessary to enable the Commission to carry out its functions and duties. Transfers to the Commission the functions of the Secretary of Labor and the Departme…