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[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2134 Introduced in House (IH)]

107th CONGRESS
  1st Session
                                H. R. 2134

  To amend title IV of the Employee Retirement Income Security Act of 
 1974 to increase the phase-in limitation applicable to the guarantee 
      under such title of benefit improvements made prior to plan 
                              termination.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             June 12, 2001

 Mr. Sanders (for himself, Mr. Kucinich, Mr. Hinchey, Mr. DeFazio, Ms. 
  McKinney, Ms. Brown of Florida, Ms. Lee, Mr. Davis of Illinois, Ms. 
   Kaptur, Mr. McGovern, Ms. Norton, Mr. Hilliard, Mr. Costello, Ms. 
 Carson of Indiana, Mr. Goode, Mr. Stupak, Mr. Brown of Ohio, and Ms. 
    Hart) 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 increase the phase-in limitation applicable to the guarantee 
      under such title of benefit improvements made prior to plan 
                              termination.

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

SECTION 1. INCREASE IN PHASE-IN LIMITATION APPLICABLE TO THE GUARANTEE 
              UNDER TITLE IV OF ERISA OF BENEFIT IMPROVEMENTS MADE 
              PRIOR TO PLAN TERMINATION.

    Section 4022(b)(7)(B) of the Employee Retirement Income Security 
Act of 1974 (29 U.S.C. 1322(b)(7)(B)) is amended to read as follows:
            ``(B) $118.56 per month, multiplied by a fraction, the 
        numerator of which is the contribution and benefit base 
        (determined under section 230 of the Social Security Act) in 
        effect at the time the plan terminates and the denominator of 
        which is such contribution and benefit base in effect in the 
        calendar year 1997.''.

SEC. 2. EFFECTIVE DATE AND TRANSITIONAL RULES.

    (a) Effective Date.--The amendment made by this Act shall apply 
with respect to plan terminations occurring on or after January 1, 
1997.
    (b) Applications for Underpayments.--In the case of any payment to 
an individual by the Pension Benefit Guaranty Corporation prior to the 
date of the enactment of this Act which is less than the correct amount 
by reason of the amendment made section 1, the Corporation shall pay 
the remainder of such amount owed to such individual upon receipt of a 
written application filed by such individual with the Corporation in 
such form and manner as shall be prescribed by the Corporation. Such 
payments of amounts owed shall include interest computed at the rate 
imposed under section 6601(a) of the Internal Revenue Code of 1986 
(relating to interest on underpayment, nonpayment, or extensions of 
time for payment of tax).
    (c) No Reduction.--Nothing in this Act or the amendment made 
thereby shall cause a reduction in the level of guaranteed benefits 
payable to any individual under title IV of the Employee Retirement 
Income Security Act of 1974.
                                 <all>
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