Employee Benefits Protection Act

[AI summary unavailable — showing source text] Employee Benefits Protection Act - Revises and extends the provisions of the Welfare and Pension Plans Disclosure Act. Avers that the effect of employee benefit plans has become increasingly interstate in charcter. Declares it to be the policy of this Act to establish fiduciary standards of conduct in person having the power or duty to control and dispose of employee benefit funds. Defines additional terms for the purposes of this Act, including "relative", "administrator", "employee benefit plan" (to include either or both types of benefit plans, welfare pr pension), "employee benefit fund:, "separate account" (to mean an account established or maintained by an insurance company under which gains and losses from assets allocated to such account are credited or charged to that acdount), "adequate consideration" (to mean the bid or prevailing price of security), "non forfeitable pension plan", "accrued benefit", "security", "fiduciary", and "market value" or "value". Permits a person to maintain a civil action for recovery of benefits due him notwithstanding the fact taht the plan in which he is enrolled has no more than 25 enrollees. Reasserts the duty imposed on the administrator …