II
109th CONGRESS
1st Session
S. 685
IN THE SENATE OF THE UNITED STATES
March 17, 2005
Mr. Akaka 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.
Short title
This Act may be cited as the
Pension Benefit Guaranty Corporation
Pilots Equitable Treatment Act
.
Age requirement for employees
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.
.
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.
.
Effective date
The amendments made by this Act shall apply to benefits payable on or after the date of enactment of this Act.