Pension Benefit Guaranty Corporation Pilots Equitable Treatment Act

Pension Benefit Guaranty Corporation Pilots Equitable Treatment Act - Amends the Employee Retirement Income Security Act of 1974 (ERISA), with regard to both single-employer and multiemployer plan guaranteed benefits, to require the Pension Benefit Guaranty Corporation (PBGC) , in the case of commercial airline pilots required by Federal Aviation Administration (FAA) regulation to retire before age 65, to compute the actuarial value of monthly benefits in the form of a life annuity commencing at the required retirement age.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 998 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                 S. 998

  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.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 12, 2011

  Mr. Akaka (for himself, Mr. Harkin, and Mr. Durbin) introduced the 
 following bill; which was read twice and referred to the Committee on 
                 Health, Education, Labor, and Pensions

_______________________________________________________________________

                                 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 AIRLINE PILOTS.

    (a) Single-Employer Plan Benefits Guaranteed.--Section 4022(b)(3) 
of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 
1322(b)(3)) is amended by inserting at the end the following: ``If, at 
the time of termination of a plan under this title, or at the time of 
freezing benefit accruals under a plan pursuant to subsections (a)(1) 
and (b) of section 402 of the Pension Protection Act of 2006, 
regulations prescribed by the Federal Aviation Administration required 
an individual to separate from service as a commercial airline pilot 
after attaining any age before age 65, this paragraph 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. The calculation of benefit 
liabilities and unfunded benefit liabilities under this section, and 
the allocation of assets under section 4044, shall not reflect any 
additional benefits the corporation must guarantee due to the 
application of the preceding sentence.''.
    (b) Aggregate Limit on Benefits Guaranteed; Criteria Applicable.--
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, or at the 
time of freezing benefit accrual under a plan pursuant to subsections 
(a)(1) and (b) of section 402 of the Pension Protection Act of 2006, 
regulations prescribed by the Federal Aviation Administration required 
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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