Airline Pilot Pension Fairness Act

I 116TH CONGRESS 2D SESSION H. R. 5819 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 FEBRUARY 7, 2020 Mr. PETERS (for himself, Ms. KAPTUR, Mr. SCHIFF, Ms. NORTON, Ms. SCHA- KOWSKY, Mr. POCAN, Mr. RUPPERSBERGER, Mr. WELCH, and Mr. MCNERNEY) introduced the following bill; which was referred to the Com- mittee on Education and Labor A BILL To amend title IV of the Employee Retirement Income Secu- rity 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 actu- arial value of monthly benefits in the form of a life annuity commencing at age 60. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Airline Pilot Pension 4 Fairness Act’’. 5 VerDate Sep 11 2014 03:15 Feb 13, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H5819.IH H5819 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 5819 IH SEC. 2. AGE REQUIREMENT FOR EMPLOYEES. 1 (a) SINGLE-EMPLOYER PLAN BENEFITS GUARAN- 2 TEED.—Section 4022(b)(3) of the Employee Retirement 3 Income Security Act of 1974 (29 U.S.C. 1322(b)(3)) is 4 amended by inserting at the end the following: ‘‘If, at the 5 time of termination of a plan under this title, or at the 6 time of freezing benefit accruals under a plan pursuant 7 to subsections (a)(1) and (b) of section 402 of the Pension 8 Protection Act of 2006, regulations prescribed by the Fed- 9 eral Aviation Administration required an individual to sep- 10 arate from service as a commercial airline pilot after at- 11 taining any age before age 65, this paragraph shall be ap- 12 plied to an individual who is a participant in the plan by 13 reason of such service by substituting such age for age 14 65. The calculation of benefit liabilities and unfunded ben- 15 efit liabilities under this section, and the allocation of as- 16 sets under section 4044, shall not reflect any additional 17 benefits the corporation must guarantee due to the appli- 18 cation of the preceding sentence.’’. 19 (b) AGGREGATE LIMIT ON BENEFITS GUARANTEED; 20 CRITERIA APPLICABLE.—Section 4022B(a) of the Em- 21 ployee Retirement Income Security Act of 1974 (29 22 U.S.C. 1322b(a)) is amended by adding at the end the 23 following: ‘‘If, at the time of termination of a plan under 24 this title, or at the time of freezing benefit accruals under 25 a plan pursuant to subsections (a)(1) and (b) of section 26 VerDate Sep 11 2014 03:15 Feb 13, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H5819.IH H5819 kjohnson on DSK79L0C42PROD with BILLS 3 •HR 5819 IH 402 of the Pension Protection Act of 2006, regulations 1 prescribed by the Federal Aviation Administration re- 2 quired an individual to separate from service as a commer- 3 cial airline pilot after attaining any age before age 65, this 4 subsection shall be applied to an individual who is a partic- 5 ipant in the plan by reason of such service by substituting 6 such age for age 65.’’. 7 SEC. 3. EFFECTIVE DATE. 8 The amendments made by this Act shall apply to ben- 9 efits payable on or after the date of the enactment of this 10 Act. 11 Æ VerDate Sep 11 2014 03:15 Feb 13, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H5819.IH H5819 kjohnson on DSK79L0C42PROD with BILLS