This Act may be cited as the Ernest Peltz Accrued Veterans Benefits Act.

(a) In general Chapter 51 of title 38, United States Code, is amended by inserting, after section 5121A, the following new section: 5121B. Payment of pension after death of a veteran in certain circumstances (a) In general Subject to subsection (b), if the Secretary issues a decision awarding entitlement to a pension to a veteran before the death of such veteran, and the Secretary issues payment of such pension after the veteran dies, such pension that was due and unpaid at the time of the veteran’s death shall be paid to the first living person or entity listed below: (1) The veteran’s spouse. (2) The veteran’s children (in equal shares). (3) The veteran’s dependent parents (in equal shares). (4) The estate of the deceased veteran unless the estate will escheat. (b) Limitation In a case described in subsection (a), if no application is filed under section 5121 of this title during the one-year period following the death of the veteran, the pension described in such subsection shall be paid to the estate of the deceased veteran unless the estate will escheat.. (b) Technical and conforming amendments (1) Conforming amendment Section 5121(a) of such title is amended, in the matter preceding paragraph (1), by inserting section 5121B of this title, or before sections 3329 and 3330. (2) Clerical amendment The table of sections at the beginning of such chapter is amended by inserting, after the item relating to section 5121A, the following new item: 5121B. Payment of pension after death of a veteran in certain circumstances.. (c) Effective date The amendments made by this section shall apply with respect to the death of a veteran that occurs on or after the date of the enactment of this Act.

Section 5503(d)(7) of title 38, United States Code, is amended by striking January 31, 2033 and inserting February 28, 2033.