[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 83 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                 H. R. 83

  To amend title IV of the Employee Retirement Income Security Act of 
 1974 to provide for cost-of-living adjustments to guaranteed benefit 
       payments paid by the Pension Benefit Guaranty Corporation.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 3, 2001

 Mr. English (for himself and Mr. Traficant) introduced the following 
    bill; which was referred to the Committee on Education and the 
                               Workforce

_______________________________________________________________________

                                 A BILL


 
  To amend title IV of the Employee Retirement Income Security Act of 
 1974 to provide for cost-of-living adjustments to guaranteed benefit 
       payments paid by 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 ``ERISA Guaranteed Benefits COLA Act 
of 2001''.

SEC. 2. COST-OF-LIVING ADJUSTMENTS FOR GUARANTEED BENEFIT PAYMENTS MADE 
              BY THE PENSION BENEFIT GUARANTY CORPORATION.

    (a) Single-Employer Plan Benefits Guaranteed.--Section 4022 of the 
Employee Retirement Income Security Act of 1974 (29 U.S.C. 1322) is 
amended by adding at the end the following:
    ``(g) The amount of the guaranteed monthly benefit payable with 
respect to any participant pursuant to this section shall be increased 
annually, effective with respect to benefits payable after December of 
each year, by the same percentage as the percentage by which primary 
insurance amounts are increased, effective for such December, under 
section 215(i)(2)(A)(ii)(II) of the Social Security Act.''.
    (b) Multiemployer Plan Benefits Guaranteed.--Section 4022A of such 
Act (29 U.S.C. 1322a) is amended by adding at the end the following:
    ``(i) The amount of the guaranteed monthly benefit payable with 
respect to any participant pursuant to this section shall be increased 
annually, effective with respect to benefits payable after December of 
each year, by the same percentage as the percentage by which primary 
insurance amounts are increased, effective for such December, under 
section 215(i)(2)(A)(ii)(II) of the Social Security Act.''.
    (c) Aggregate Limit on Benefits Guaranteed.--Section 4022B of such 
Act (29 U.S.C. 1322b) is amended by adding at the end the following:
    ``(c) The maximum amount payable under the preceding provisions of 
this section with respect to any participant shall be increased 
annually, effective with respect to benefits payable after December of 
each year, by the same percentage as the percentage by which primary 
insurance amounts are increased, effective for such December, under 
section 215(i)(2)(A)(ii)(II) of the Social Security Act.''.

SEC. 3. EFFECTIVE DATE.

    The amendments made by this Act shall apply with respect to 
benefits payable after December 2001.
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