,,ii  #aad? ,,congress  #b;d ,session   
,s4 #cbge  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #ad1 #bjaf ,mr4  
,kirk introduc$ ! foll[+ bill2 :i* 0    
read twice & ref]r$ to ! ,committee on  
,heal?1 ,education1 ,labor1 & ,p5sions  
,a ,,bill  ,to increase ! maximum       
gu>ante$ b5efits ) respect to c]ta9     
p>ticipants ( a pilots' p5sion plan4    
#a4 ,%ort title  ,?is ,act may be cit$ z
 ! ,pilot ,p5sion ,relief ,act ( #bjaf4 
#b4 ,f9d+s ,congress f9ds z foll[s3 7#a7
 ,! ,p5sion ,b5efit ,gu>anty            
,corporation consid]s normal retirem5t  
age to be #fe1 & applies a p5alty1 mu* l
 e>ly )drawal ( ,social ,security b5efit
 paym5ts "u title ,,ii ( ! ,social      
,security ,act 7#db ,u4,s4,c4 #dja et   
seq471 to anyone receiv+ b5efits be=e   
age #fe4 ,prior to ,decemb] #bjjg1      
pilots 7 requir$ by law to retire at age
 #fj4 ,not)/&+ ?is1 & ! app>5t conflict 
betwe5 laws1 ! ,p5sion ,b5efit ,gu>anty 
,corporation /ill r$uc$ ! b5efits to all
 pilots =c$ to retire at age #fj4  7#b7 

,ano!r limit on ! gu>antee ( ! ,p5sion  
,b5efit ,gu>anty ,corporation is !      
phase-9 limit1 :i* provides t ! gu>antee
 ( a b5efit increase is phas$ 9 ov] #e  
ye>s f ! lat] ( ! adoption (1 or        
effective date (1 ! increase "u a p5sion
 plan4  7#c7 ,! ,p5sion ,b5efit ,gu>anty
 ,corporation t]m9at$ ! ,unit$ ,airl9es1
 ,inc41 pilots' p5sion plan sev]al mon?s
 e>li] ?an ! ,air ,l9e ,pilots          
,association recomm5d$1 9 ord] to       
m9imize ! ,corporation's obligations to 
pilots cov]$ by su* a p5sion plan4  7#d7
 ,! av]age retir$ ,unit$ ,airl9es1      
,inc41 pilot is receiv+ less ?an #ej    
p]c5t ( ve/$ b5efits "u ! pilots' p5sion
 plan4  7#e7 ,retir$ ,unit$ ,airl9es1   
,inc41 pilots met annual contribution   
limitations "u ! ,employee ,retirem5t   
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #ajja et seq471 by virtue ( _!
 requir$ inve/m5t 9 _! company-sponsor$ 
p5sion plan4 ,accord+ly1 ! pilots 7     
preclud$ f inve/+ 9 any o!r retirem5t   
programs1 su* z ,i,r,as or ,ro? ,i,r,as 

& c\ld n inve/ 9 a backup plan or safety
 net = !mselves4  #c4 ,adju/m5t to !    
,,pbgc maximum gu>ante$ b5efit  7a7     
,maximum gu>ante$ b5efit ,9 apply+ title
 ,,iv ( ! ,employee ,retirem5t ,income  
,security ,act ( #aigd 7#bi ,u4,s4,c4   
#acja et seq471 to ! pilots' p5sion plan
 describ$ 9 subsection 7b7 dur+ ! p]iod 
beg9n+ on ! date ( enactm5t ( ?is ,act &
 end+ on ! date t is #b ye>s aft] su*   
date ( enactm5t--  7#a7 ! mon?ly b5efits
 gu>ante$ "u section #djbb ( su* ,act   
7#bi ,u4,s4,c4 #acbb71 %all be calculat$
 "u subsection 7b77#c77;,b7 ( su*       
section z ?\gh ! plan t]m9ation date 7 !
 date ( enactm5t ( ?is ,act r ?an       
,decemb] #cj1 #bjjd2  7#b7 ! maximum    
gu>ante$ b5efit "u section #djbb &      
#djbb;,b ( su* ,act 7#bi ,u4,s4,c4      
#acbb1 #acbb;b71 %all be ! maximum su*  
am\nt t w\ld be available if ! plan     
t]m9ation date 7 ! date ( enactm5t ( ?is
 ,act r ?an ,decemb] #cj1 #bjjd2 &  7#c7
 9 apply+ sections #djbb7;b77#c7 &      
#djbb;,b7a7 ( su* ,act 7#bi ,u4,s4,c4   

#acbb7;b77#c71 #acbb;b7a771 ) respect to
 plan p>ticipants :o retir$ f ! s]vice  
connect$ to ! pilots' p5sion plan prior 
to ,decemb] #a1 #bjjg1 ! t]m comm5c+ at 
age #fj %all be sub/itut$ = ! t]m       
comm5c+ at age #fe4  7b7 ,applicable    
plan ,= purposes ( ?is section1 ! t]m   
pilots' p5sion plan means ! pilot's     
p5sion plan t 0 sponsor$ by ,unit$      
,airl9es1 ,inc41 & :i* 0 t]m9at$ "u     
section #djdh ( ! ,employee ,retirem5t  
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #acdh71 on ,decemb] #cj1      
#bjjd4