Omnibus Pension and Retirement Security Act

[AI summary unavailable — showing source text] Omnibus Pension and Retirement Security Act - Declares it to be the policy of this Act to protect the equitable interests of participants in private pension plans and their beneficiaries, by improving the scope, administration, and operation of such plans, by requiring pension plans to vest benefits in employees after equitable periods of service; to meet adequate minimum standards of funding; to promote greater transferability of employees' earned credits resulting from change of, or separation from, employment; to protect vested benefits of employees against loss due to plan termination; to require more adequate disclosure and reports to participants and beneficiaries of plan administration and operations; and to establish minimum standards of fiduciary conduct, and to provide for more appropriate and adequate remedies, sanctions, and ready access to the courts. Defines the terms used in the Act. Title I: Organization - Declares that it shall be the duty of the Secretary of the Treasury (1) to promote programs and plans for the establishment, administration, and operation of pension, profit-sharing-retirement, and other employee benefit plans; (2) to determine, upon application b…