A bill to amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 with respect to early retirement benefits, and for other purposes.

Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code of 1986 to protect pro rata shares of employees' subsidized early retirement benefits in cases of corporate mergers and acquisitions where the successor employer does not continue to maintain the pension plan.