A bill to amend title IV of the Employee Retirement Income Security Act of 1974 to require that, in the case of participants meeting certain minimum requirements as of the date of termination of the plan, early retirement pension benefits under the plan shall be guaranteed by the Pension Benefit Guaranty Corporation and shall commence no later than as specified in applicable plan provisions.

Amends title IV (Plan Termination Insurance) of the Employee Retirement Income Security Act of 1974 to revise provisions for guarantee of early retirement benefits under single-employer plans by the Pension Benefit Guaranty Corporation. Provides that such nonforfeitable benefits shall be guaranteed by the Corporation only if, on the plan's termination date, the participant: (1) is an employee of the plan sponsor; (2) has 15 or more years of service credited under the plan; and (3) meets plan requirements for such early retirement benefit (other than attainment of a minimum age and application for such benefit).