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[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1950 Introduced in Senate (IS)]
<DOC>
119th CONGRESS
1st Session
S. 1950
To increase the benefits guaranteed in connection with certain pension
plans, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
June 4, 2025
Mr. Husted (for himself, Mrs. Gillibrand, Mr. Moreno, Mr. Peters, Mr.
Fetterman, Ms. Baldwin, and Mr. Wicker) introduced the following bill;
which was read twice and referred to the Committee on Health,
Education, Labor, and Pensions
_______________________________________________________________________
A BILL
To increase the benefits guaranteed in connection with certain pension
plans, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Susan Muffley Act of 2025''.
SEC. 2. GUARANTEED BENEFIT CALCULATION FOR CERTAIN PLANS.
(a) In General.--
(1) Increase to full vested plan benefit.--
(A) In general.--For purposes of determining what
benefits are guaranteed under section 4022 of the
Employee Retirement Income Security Act of 1974 (29
U.S.C. 1322) with respect to an eligible participant or
beneficiary under a covered plan specified in paragraph
(4) in connection with the termination of such plan,
the amount of monthly benefits shall be equal to the
full vested plan benefit with respect to the
participant.
(B) No effect on previous determinations.--Nothing
in this Act shall be construed to change the allocation
of assets and recoveries under sections 4044(a) and
4022(c) of the Employee Retirement Income Security Act
of 1974 (29 U.S.C. 1344(a); 1322(c)) as previously
determined by the Pension Benefit Guaranty Corporation
(referred to in this section as the ``corporation'')
for the covered plans specified in paragraph (4), and
the corporation's applicable rules, practices, and
policies on benefits payable in terminated single-
employer plans shall, except as otherwise provided in
this section, continue to apply with respect to such
covered plans.
(2) Recalculation of certain benefits.--
(A) In general.--In any case in which the amount of
monthly benefits with respect to an eligible
participant or beneficiary described in paragraph (1)
was calculated prior to the date of enactment of this
Act, the corporation shall recalculate such amount
pursuant to paragraph (1), and shall adjust any
subsequent payments of such monthly benefits
accordingly, as soon as practicable after such date.
(B) Lump-sum payments of past-due benefits.--Not
later than 180 days after the date of enactment of this
Act, the corporation, in consultation with the
Secretary of the Treasury and the Secretary of Labor,
shall make a lump-sum payment to each eligible
participant or beneficiary whose guaranteed benefits
are recalculated under subparagraph (A) in an amount
equal to--
(i) in the case of an eligible participant,
the excess of--
(I) the total of the full vested
plan benefits of the participant for
all months for which such guaranteed
benefits were paid prior to such
recalculation, over
(II) the sum of any applicable
payments made to the eligible
participant; and
(ii) in the case of an eligible
beneficiary, the sum of--
(I) the amount that would be
determined under clause (i) with
respect to the participant of which the
eligible beneficiary is a beneficiary
if such participant were still in pay
status; plus
(II) the excess of--
(aa) the total of the full
vested plan benefits of the
eligible beneficiary for all
months for which such
guaranteed benefits were paid
prior to such recalculation,
over
(bb) the sum of any
applicable payments made to the
eligible beneficiary.
Notwithstanding the previous sentence, the corporation
shall increase each lump-sum payment made under this
subparagraph to account for foregone interest in an
amount determined by the corporation designed to
reflect a 6 percent annual interest rate on each past-
due amount attributable to the underpayment of
guaranteed benefits for each month prior to such
recalculation.
(C) Eligible participants and beneficiaries.--
(i) In general.--For purposes of this
section, an eligible participant or beneficiary
is a participant or beneficiary who--
(I) as of the date of the enactment
of this Act, is in pay status under a
covered plan or is eligible for future
payments under such plan;
(II) has received or will receive
applicable payments in connection with
such plan (within the meaning of clause
(ii)) that does not exceed the full
vested plan benefits of such
participant or beneficiary; and
(III) is not covered by the 1999
agreements between General Motors and
various unions providing a top-up
benefit to certain hourly employees who
were transferred from the General
Motors Hourly-Rate Employees Pension
Plan to the Delphi Hourly-Rate
Employees Pension Plan.
(ii) Applicable payments.--For purposes of
this paragraph, applicable payments to a
participant or beneficiary in connection with a
plan consist of the following:
(I) Payments under the plan equal
to the normal benefit guarantee of the
participant or beneficiary.
(II) Payments to the participant or
beneficiary made pursuant to section
4022(c) of the Employee Retirement
Income Security Act of 1974 (29 U.S.C.
1322(c)) or otherwise received from the
corporation in connection with the
termination of the plan.
(3) Definitions.--For purposes of this subsection--
(A) Full vested plan benefit.--The term ``full
vested plan benefit'' means the amount of monthly
benefits that would be guaranteed under section 4022 of
the Employee Retirement Income Security Act of 1974 (29
U.S.C. 1322) as of the date of plan termination with
respect to an eligible participant or beneficiary if
such section were applied without regard to the phase-
in limit under subsection (b)(1) of such section and
the maximum guaranteed benefit limitation under
subsection (b)(3) of such section (including the
accrued-at-normal limitation).
(B) Normal benefit guarantee.--The term ``normal
benefit guarantee'' means the amount of monthly
benefits guaranteed under section 4022 of the Employee
Retirement Income Security Act of 1974 (29 U.S.C. 1322)
with respect to an eligible participant or beneficiary
without regard to this Act.
(4) Covered plans.--The covered plans specified in this
paragraph are the following:
(A) The Delphi Hourly-Rate Employees Pension Plan.
(B) The Delphi Retirement Program for Salaried
Employees.
(C) The PHI Non-Bargaining Retirement Plan.
(D) The ASEC Manufacturing Retirement Program.
(E) The PHI Bargaining Retirement Plan.
(F) The Delphi Mechatronic Systems Retirement
Program.
(5) Treatment of pbgc determinations.--Any determination
made by the corporation under this section concerning a
recalculation of benefits or lump-sum payment of past-due
benefits shall be subject to administrative review by the
corporation. Any new determination made by the corporation
under this section shall be governed by the same administrative
review process as any other benefit determination by the
corporation.
(b) Trust Fund for Payment of Increased Benefits.--
(1) Establishment.--There is established in the Treasury a
trust fund to be known as the ``Delphi Full Vested Plan Benefit
Trust Fund'' (referred to in this subsection as the ``Fund''),
consisting of such amounts as may be appropriated or credited
to the Fund as provided in this section.
(2) Funding.--There is appropriated, out of amounts in the
Treasury not otherwise appropriated, such amounts as are
necessary for the costs of payments of the portions of monthly
benefits guaranteed to participants and beneficiaries pursuant
to subsection (a) and for necessary administrative and
operating expenses of the corporation relating to such
payments. The Fund shall be credited with amounts from time to
time as the Secretary of the Treasury, in coordination with the
Director of the corporation, determines appropriate, out of
amounts in the Treasury not otherwise appropriated.
(3) Expenditures from fund.--Amounts in the Fund shall be
available for the payment of the portion of monthly benefits
guaranteed to a participant or beneficiary pursuant to
subsection (a) and for necessary administrative and operating
expenses of the corporation relating to such payment.
(c) Regulations.--The corporation, in consultation with the
Secretary of the Treasury and the Secretary of Labor, may issue such
regulations as necessary to carry out this section.
<all>
Introduced in Senate
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
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