Equal Retirement Benefits Act

Equal Retirement Benefits Act - Makes it unlawful for any employee pension benefit plan which offers benefits in the form of periodic payments based upon the life of the employee to fail to provide equal periodic payments to similarly situated male and female participants.

Permits participants of employee benefit plans which offer benefits only in the form of a lump sum to make binding election at the time of retirement to purchase periodic payment annuities, and requires plans to provide lump sum amounts to persons selecting which will enable them to purchase annuities paying equal periodic benefits to similarly situated females and males.