To amend title IV of the Employee Retirement Income Security Act of 1974 to increase the phase-in limitation applicable to the guarantee under such title of benefit improvements made prior to plan termination.

Amends plan termination insurance requirements under the Employee Retirement Income Security Act of 1974 (ERISA) to increase a phase-in limitation applicable to a guarantee of benefit improvements made prior to plan termination, with respect to plans terminated on or after January 1, 1997. Directs the Pension Benefit Guaranty Corporation (PBGC) to pay the remainder, with interest, of such amended correct amounts owed to individuals, if the PBGC made lesser payments to such individuals before enactment of this Act, and if such individuals file written applications for such additional payments.