[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 1569 Introduced in Senate (IS)]

  1st Session
                                S. 1569

  To amend title IV of the Employee Retirement Income Security Act of 
 1974 to require the Pension Benefit Guaranty Corporation, in the case 
 of airline pilots who are required by regulation to retire at age 60, 
  to compute the actuarial value of monthly benefits in the form of a 
                   life annuity commencing at age 60.


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                   IN THE SENATE OF THE UNITED STATES

               August 1 (legislative day, July 21), 2003

   Mr. Akaka introduced the following bill; which was read twice and 
  referred to the Committee on Health, Education, Labor, and Pensions

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                                 A BILL


 
  To amend title IV of the Employee Retirement Income Security Act of 
 1974 to require the Pension Benefit Guaranty Corporation, in the case 
 of airline pilots who are required by regulation to retire at age 60, 
  to compute the actuarial value of monthly benefits in the form of a 
                   life annuity commencing at age 60.

    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 
Pilots Equitable Treatment Act''.

SEC. 2. AGE REQUIREMENT FOR EMPLOYEES.

    (a) Single-Employer Plan Benefits Guaranteed.--Section 4022(b) of 
the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1322(b)) 
is amended in the flush matter following paragraph (3), by adding at 
the end the following: ``If, at the time of termination of a plan under 
this title, regulations prescribed by the Federal Aviation 
Administration require an individual to separate from service as a 
commercial airline pilot after attaining any age before age 65, 
paragraph (3) shall be applied to an individual who is a participant in 
the plan by reason of such service by substituting such age for age 
65.''.
    (b) Multiemployer Plan Benefits Guaranteed.--Section 4022B(a) of 
the Employee Retirement Income Security Act of 1974 (29 U.S.C. 
1322b(a)) is amended by adding at the end the following: ``If, at the 
time of termination of a plan under this title, regulations prescribed 
by the Federal Aviation Administration require an individual to 
separate from service as a commercial airline pilot after attaining any 
age before age 65, this subsection shall be applied to an individual 
who is a participant in the plan by reason of such service by 
substituting such age for age 65.''.

SEC. 3. EFFECTIVE DATE.

    The amendments made by this Act shall apply to benefits payable on 
or after the date of enactment of this Act.
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