II 

112TH CONGRESS 

1ST SESSION S. 998 

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 SENATE OF THE UNITED STATES 

MAY 12, 2011 

Mr. AKAKA (for himself, Mr. HARKIN, and Mr. DURBIN) 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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Pension Benefit Guar5 anty Corporation Pilots Equitable Treatment Act’’. 


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•S 998 IS

1 SEC. 2. AGE REQUIREMENT FOR AIRLINE PILOTS. 

2 (a) SINGLE-EMPLOYER PLAN BENEFITS GUARAN3 TEED.—Section 4022(b)(3) of the Employee Retirement 

4 Income Security Act of 1974 (29 U.S.C. 1322(b)(3)) is 

5 amended by inserting at the end the following: ‘‘If, at the 

6 time of termination of a plan under this title, or at the 

7 time of freezing benefit accruals under a plan pursuant 

8 to subsections (a)(1) and (b) of section 402 of the Pension 

9 Protection Act of 2006, regulations prescribed by the Fed10 eral Aviation Administration required an individual to sep11 arate from service as a commercial airline pilot after at12 taining any age before age 65, this paragraph shall be ap13 plied to an individual who is a participant in the plan by 

14 reason of such service by substituting such age for age 

15 65. The calculation of benefit liabilities and unfunded ben16 efit liabilities under this section, and the allocation of as17 sets under section 4044, shall not reflect any additional 

18 benefits the corporation must guarantee due to the appli19 cation of the preceding sentence.’’. 

20 (b) AGGREGATE LIMIT ON BENEFITS GUARANTEED; 

21 CRITERIA APPLICABLE.—Section 4022B(a) of the Em22 ployee Retirement Income Security Act of 1974 (29 

23 U.S.C. 1322b(a)) is amended by adding at the end the 

24 following: ‘‘If, at the time of termination of a plan under 

25 this title, or at the time of freezing benefit accrual under 

26 a plan pursuant to subsections (a)(1) and (b) of section 


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•S 998 IS

1 402 of the Pension Protection Act of 2006, regulations 

2 prescribed by the Federal Aviation Administration re3 quired an individual to separate from service as a commer4 cial airline pilot after attaining any age before age 65, this 

5 subsection shall be applied to an individual who is a partic6 ipant in the plan by reason of such service by substituting 

7 such age for age 65.’’. 

8 SEC. 3. EFFECTIVE DATE. 

9 The amendments made by this Act shall apply to ben10 efits payable on or after the date of enactment of this Act. 

Æ 


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