diff --git a/NEWS b/NEWS
index 3d956a91a..04c8df8f9 100644
--- a/NEWS
+++ b/NEWS
@@ -3,6 +3,13 @@ For full details, see the git log at: https://github.com/ksh93/ksh/tree/1.0
 
 Any uppercase BUG_* names are modernish shell bug IDs.
 
+2022-06-18:
+
+- Fixed a bug where, with the monitor or pipefail option on, the shell
+  failed to wait for all component commands in a pipeline to terminate if
+  the last component command was an external command and the pipeline was
+  the last command in a background subshell.
+
 2022-06-15:
 
 - Fixed a bug where converting an indexed array into an associative array in
diff --git a/src/cmd/ksh93/include/version.h b/src/cmd/ksh93/include/version.h
index 92cafd923..81eebcff8 100644
--- a/src/cmd/ksh93/include/version.h
+++ b/src/cmd/ksh93/include/version.h
@@ -23,7 +23,7 @@
 
 #define SH_RELEASE_FORK	"93u+m"		/* only change if you develop a new ksh93 fork */
 #define SH_RELEASE_SVER	"1.0.0-beta.2"	/* semantic version number: https://semver.org */
-#define SH_RELEASE_DATE	"2022-06-15"	/* must be in this format for $((.sh.version)) */
+#define SH_RELEASE_DATE	"2022-06-18"	/* must be in this format for $((.sh.version)) */
 #define SH_RELEASE_CPYR	"(c) 2020-2022 Contributors to ksh " SH_RELEASE_FORK
 
 /* Scripts sometimes field-split ${.sh.version}, so don't change amount of whitespace. */
diff --git a/src/cmd/ksh93/sh.1 b/src/cmd/ksh93/sh.1
index ee7df4b57..07ec05408 100644
--- a/src/cmd/ksh93/sh.1
+++ b/src/cmd/ksh93/sh.1
@@ -179,7 +179,7 @@ built-in utility).
 A
 .I pipeline\^
 is a sequence of one or more
-.I commands\^
+.IR command\^ s
 separated by
 .BR | .
 The standard output of each command but the last
@@ -194,10 +194,19 @@ by a
 to the standard input of the next command.
 Each command,
 except possibly the last,
-is run as a separate process;
-the shell waits for the last command to terminate.
+is run as a separate process.
+If the
+.B monitor
+or
+.B pipefail
+option is on,
+or the pipeline is preceded by the
+.I "reserved word"
+.BR time ,
+then the shell waits for all component commands in the pipeline to terminate;
+otherwise, the shell only waits for the last component command.
 The exit status of a pipeline is the exit
-status of the last command unless the
+status of its last component command, unless the
 .B pipefail
 option is enabled.
 Each pipeline can be preceded by the
@@ -7524,6 +7533,8 @@ not just those that precede the command name.
 Background jobs will run in a separate process group
 and a line will print upon completion.
 The exit status of background jobs is reported in a completion message.
+A pipeline will not terminate until all component commands of the pipeline
+have terminated.
 On systems with job control,
 this option is turned on automatically for
 interactive shells.
@@ -7684,10 +7695,11 @@ Same as
 .BR \-u .
 .TP 8
 .B pipefail
-A pipeline will not complete until all components
-of the pipeline have completed, and the return value
-will be the value of the last non-zero command
-to fail or zero if no command has failed.
+The exit status of the entire pipeline will be that of the last component
+command that exited with a non-zero exit status, or zero if no command
+exited with a non-zero exit status.
+The shell will wait for all component commands of the pipeline to terminate,
+instead of only waiting for the last component command.
 .TP 8
 .B posix
 Enables the POSIX standard mode for maximum compatibility with other compliant
diff --git a/src/cmd/ksh93/sh/xec.c b/src/cmd/ksh93/sh/xec.c
index 9d362241a..65c3c805c 100644
--- a/src/cmd/ksh93/sh/xec.c
+++ b/src/cmd/ksh93/sh/xec.c
@@ -1506,7 +1506,8 @@ int sh_exec(register const Shnode_t *t, int flags)
 			&& !sh.st.trapcom[0]
 			&& !sh.st.trap[SH_ERRTRAP]
 			&& ((struct checkpt*)sh.jmplist)->mode!=SH_JMPEVAL
-			&& (execflg2 || (execflg && sh.fn_depth==0 && !(pipejob && sh_isoption(SH_PIPEFAIL))));
+			&& (execflg && sh.fn_depth==0 || execflg2)
+			&& !(pipejob && (sh_isstate(SH_MONITOR) || sh_isoption(SH_PIPEFAIL) || sh_isstate(SH_TIMING)));
 			if(no_fork)
 				job.parent=parent=0;
 			else
@@ -1892,6 +1893,10 @@ int sh_exec(register const Shnode_t *t, int flags)
 			sh.inpipe = pvo;
 			sh.outpipe = pvn;
 			pvo[1] = -1;
+			/*
+			 * If the pipefail or monitor options are on or if the time keyword is in use, then wait
+			 * for all commands in the pipeline to complete; otherwise, wait for the last one only
+			 */
 			if(sh_isoption(SH_PIPEFAIL))
 			{
 				const Shnode_t* tn=t;
@@ -1903,7 +1908,7 @@ int sh_exec(register const Shnode_t *t, int flags)
 				memset(exitval,0,job.waitall*sizeof(int));
 			}
 			else
-				job.waitall |= (!pipejob && sh_isstate(SH_MONITOR));
+				job.waitall = !pipejob && (sh_isstate(SH_MONITOR) || sh_isstate(SH_TIMING));
 			job_lock();
 			nlock++;
 			do
@@ -2323,7 +2328,7 @@ int sh_exec(register const Shnode_t *t, int flags)
 			}
 			if(t->par.partre)
 			{
-				long timer_on = sh_isstate(SH_TIMING);
+				int timer_on = sh_isstate(SH_TIMING);
 #ifdef timeofday
 				/* must be run after forking a subshell */
 				timeofday(&tb);
@@ -2336,12 +2341,10 @@ int sh_exec(register const Shnode_t *t, int flags)
 					UNREACHABLE();
 				}
 #endif
-				job.waitall = 1;
 				sh_onstate(SH_TIMING);
 				sh_exec(t->par.partre,sh_isstate(SH_ERREXIT)|OPTIMIZE);
 				if(!timer_on)
 					sh_offstate(SH_TIMING);
-				job.waitall = 0;
 			}
 			else
 			{
diff --git a/src/cmd/ksh93/tests/options.sh b/src/cmd/ksh93/tests/options.sh
index 05097f59c..66d22125a 100755
--- a/src/cmd/ksh93/tests/options.sh
+++ b/src/cmd/ksh93/tests/options.sh
@@ -605,5 +605,25 @@ EOF
 	exit
 EOF
 
+# ======
+# https://github.com/ksh93/ksh/issues/449
+set +o monitor +o pipefail
+for opt in monitor pipefail
+do
+	outfile=out$opt
+	exp="ok $opt"
+	(
+		set +x -o "$opt"
+		(
+			sleep .01
+			print "$exp" >&2
+		) 2>$outfile | "${ whence -p true; }"  # the external 'true' should not be exec-optimized
+	) &
+	wait "$!"
+	got=$(<$outfile)
+	[[ $got == "$exp" ]] || err_exit "shell did not wait for entire pipeline with -o $opt" \
+		"(expected $(printf %q "$exp"), got $(printf %q "$got"))"
+done
+
 # ======
 exit $((Errors<125?Errors:125))