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 character. Declares it to be the policy of the Act to establish fiduciary standards of conduct for persons having the power or duty to control and dispose of employee benefit funds. Defines additional terms for the purposes of this Act, such as "relative", "administrator", "employee benefit plan" (including either or both types of benefit plans, welfare or pension), "employee benefit fund", "separate account", "adequate consideration", "nonforfeitable 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 that the plan in which he is enrolled has no more than twenty-five enrollees. Reasserts the duty imposed on the administrator of an employee benefit plan to publish and distribute to each participant or beneficiary of that plan an annual financial report, a plan description, and a report upon termination of the plan. Sets forth the criteria for …