Airline Pilot Pension Fairness Act

Airline Pilot Pension Fairness 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 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2697 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 2697

  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 HOUSE OF REPRESENTATIVES

                             July 16, 2013

 Mr. George Miller of California (for himself, Mr. Andrews, Mr. Lance, 
Mr. Nadler, Ms. Schakowsky, Mr. Dingell, Mr. Becerra, Mr. Conyers, Mr. 
    Capuano, Ms. Wilson of Florida, Mr. Holt, Mr. Grijalva, and Mr. 
   Yarmuth) introduced the following bill; which was referred to the 
                Committee on Education and the Workforce

_______________________________________________________________________

                                 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 ``Airline Pilot Pension Fairness 
Act''.

SEC. 2. AGE REQUIREMENT FOR EMPLOYEES.

    (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 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 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 the enactment of this Act.
                                 <all>