[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 400 Committee Discharged Senate (CDS)]

103d CONGRESS
  1st Session
                                 S. 400

To amend the Employee Retirement Income Security Act of 1974 to provide 
  for the treatment of settlement agreements reached with the Pension 
                     Benefit Guaranty Corporation.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

             February 18 (legislative day, January 5), 1993

 Mr. Jeffords (for himself and Mr. Campbell) introduced the following 
 bill; which was read twice and referred to the Committee on Labor and 
                            Human Resources

               March 11 (legislative day, March 3), 1993

                          Committee discharged

_______________________________________________________________________

                                 A BILL


 
To amend the Employee Retirement Income Security Act of 1974 to provide 
  for the treatment of settlement agreements reached with the Pension 
                     Benefit Guaranty Corporation.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Pension Benefit Guaranty Corporation 
Lease Settlements Act of 1993''.

SEC. 2. TREATMENT OF SETTLEMENT LEASES WITH THE PENSION BENEFIT 
              GUARANTY CORPORATION.

    Section 4062 of the Employee Retirement Income Security Act of 1974 
is amended by adding at the end the following new subsection:
    ``(f) Treatment of Leases.--In the case of any settlement for 
liability under title IV of this Act entered into by the corporation 
and one or more other parties, if--
            ``(1) such settlement was entered into before the date of 
        the enactment of the Pension Benefit Guaranty Corporation Lease 
        Settlements Act of 1993,
            ``(2) one party to such settlement was a debtor under title 
        11, United States Code, and
            ``(3) the corporation is a party-in-interest to an 
        agreement being entered into as part of such settlement, which 
        agreement provided that it is to be treated as a lease,
then, for purposes of such title 11, such agreement shall be treated as 
a lease for purposes of section 1110 of such title 11.''.

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