[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 2875 Introduced in Senate (IS)]







107th CONGRESS
  2d Session
                                S. 2875

    To amend the Employee Retirement Income Security Act of 1974 to 
    increase the maximum levels of guaranteed single-employer plan 
                   benefits, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             August 1, 2002

 Mr. Wellstone (for himself, Mr. Dayton, and Ms. Mikulski) introduced 
the following bill; which was read twice and referred to the Committee 
               on Health, Education, Labor, and Pensions

_______________________________________________________________________

                                 A BILL


 
    To amend the Employee Retirement Income Security Act of 1974 to 
    increase the maximum levels of guaranteed single-employer plan 
                   benefits, and for other purposes.

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

SECTION 1. MODIFICATIONS OF GUARANTEED SINGLE-EMPLOYER PLAN BENEFITS.

    (a) Increase in Maximum Benefit.--Section 4022(b)(3)(B) of the 
Employee Retirement Income Security Act of 1974 (29 U.S.C. 
1322(b)(3)(B)) is amended by striking ``$750'' and inserting ``$850''.
    (b) Certain Supplemental Benefits Not Treated as Non-Basic 
Benefits.--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 
new subsection:
    ``(g)(1) A supplemental benefit described in paragraph (2) shall 
not be treated as a non-basic benefit merely because it results in the 
participant's benefits under the plan exceeding the amount payable 
under the plan as a life annuity commencing at normal retirement age.
    ``(2) A supplemental benefit described in this paragraph is a 
benefit that--
            ``(A) commences before benefits payable under title II of 
        the Social Security Act become payable,
            ``(B) does not exceed such social security benefits, and
            ``(C) terminates when such social security benefits 
        commence.''
    (c) Indexing of Maximum Guaranteed Benefits Under Plans or 
Amendments Not in Effect for 60 Months.--Section 4022(b)(7)(B) of the 
Employee Retirement Income Security Act of 1974 (29 U.S.C. 
1322(b)(7)(B)) is amended by inserting ``, multiplied by the fraction 
specified in paragraph (3)(B)'' after ``month''.
    (d) Effective Date.--The amendments made by this section shall 
apply to single-employer plans the termination date (as defined in 
section 4048 of the Employee Retirement Income Security Act of 1974) 
for which occurs after December 31, 2001.
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