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November 16, 2005, 12:00 am ET - Amendment SA 2583 proposed by Senator Akaka.
November 16, 2005, 2:31 pm ET - Akaka Amdt. No. 2583

Full Text of this Amendment

SA 2583. Mr. AKAKA (for himself, Mr. SPECTER, Mr. DURBIN, Mr. SALAZAR, Mr. INOUYE, and Mrs. FEINSTEIN) proposed an amendment to the bill S. 1783, to amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to reform the pension funding rules, and for other purposes; as follows:


At the end of title IV, add the following:
SEC. 4__. AGE REQUIREMENT FOR EMPLOYERS.
(a) 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.''.
(b) 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.''.
(c) Effective Date.--The amendments made by this section shall apply to benefits payable on or after the date of enactment of this Act.


(As printed in the Congressional Record for the Senate on Nov 16, 2005.)