To compute the actuarial value of monthly benefits in the form of a life annuity commencing at age 60 for certain airline pilots.

SA 2583. Mr. AKAKA (for himself, Mr. Specter, Mr. Durbin, Mr.
Salazar, Mr. Inouye, and Mrs. Feinstein) proposed an amendment to the
bill S. 1783, to amend the Employee Retirement Income Security Act of
1974 and the Internal Revenue Code of 1986 to reform the pension
funding rules, and for other purposes; as follows:

At the end of title IV, add the following:

SEC. 4__. AGE REQUIREMENT FOR EMPLOYERS.

(a) Single-Employer Plan Benefits Guaranteed.--Section
4022(b) of the Employee Retirement Income Security Act of
1974 (29 U.S.C. 1322(b)) is amended in the flush matter
following paragraph (3), by adding at the end the following:
``If, at the time of termination of a plan under this title,
regulations prescribed by the Federal Aviation Administration
require an individual to separate from service as a
commercial airline pilot after attaining any age before age
65, paragraph (3) 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.''.
(b) Multiemployer Plan Benefits Guaranteed.--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, regulations prescribed by the Federal Aviation
Administration require 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.''.
(c) Effective Date.--The amendments made by this section
shall apply to benefits payable on or after the date of
enactment of this Act.
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