119-hr1895

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1895 Introduced in House

    (IH) ]

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119th CONGRESS
 1st Session
 H. R. 1895

To increase the benefits guaranteed in connection with certain pension 
 plans, and for other purposes.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 March 6, 2025

 Mrs. Spartz (for herself, Mr. Turner of Ohio, Mr. Rulli, Mr. Austin 
Scott of Georgia, Mr. Langworthy, Mr. Thanedar, Ms. Tlaib, Ms. Tenney, 
Mr. Stutzman, Mr. LaMalfa, Mr. Wilson of South Carolina, Mr. Hamadeh of 
 Arizona, Ms. Kaptur, and Mr. Carson) introduced the following bill; 
which was referred to the Committee on Education and Workforce, and in 
 addition to the Committee on Ways and Means, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
 of such provisions as fall within the jurisdiction of the committee 
 concerned

_______________________________________________________________________

 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 ``Delphi Retirees Pension Restoration 
Act''.

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 (in 
 this section referred to as ``ERISA'') 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 ERISA as previously determined by the 
 Pension Benefit Guaranty Corporation (in the section 
 referred to 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) 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 
 ERISA 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 in subsection

    (b)

    (1) of such Act and the maximum 
 guaranteed benefit limitation in subsection

    (b)

    (3) of 
 such Act (including the accrued-at-normal limitation).
        (B) Normal benefit guarantee.--The term ``normal 
 benefit guarantee'' means the amount of monthly 
 benefits guaranteed under such section 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) Funding for Payment of Increased Benefits.--The costs of any 
payment for the portion of monthly benefits guaranteed to a participant 
or beneficiary pursuant to subsection

    (a) and necessary administrative 
and operating expenses of the corporation relating to such payment 
shall be paid using amounts derived from the unobligated balance of the 
fund established under 

section 4005 of ERISA with respect to basic 
benefits guaranteed under 

section 4022 of ERISA.
            (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.
            (d) Tax Treatment of Lump-Sum Payments.--

    (1) In general.--Unless the taxpayer elects (at such time 
 and in such manner as the Secretary may provide) to have this 
 paragraph not apply with respect to any lump-sum payment under 
 subsection

    (a)

    (2)
        (B) , the amount of such payment shall be 
 included in the taxpayer's gross income ratably over the 3-
 taxable-year period beginning with the taxable year in which 
 such payment is received.

    (2) Special rules related to death.--
        (A) In general.--If the taxpayer dies before the 
 end of the 3-taxable-year period described in paragraph

    (1) , any amount to which paragraph

    (1) applies which 
 has not been included in gross income for a taxable 
 year ending before the taxable year in which such death 
 occurs shall be included in gross income for such 
 taxable year.
        (B) Special election for surviving spouses of 
 eligible participants.--If--
            (i) a taxpayer with respect to whom 
 paragraph

    (1) applies dies,
            (ii) such taxpayer is an eligible 
 participant,
            (iii) the surviving spouse of such eligible 
 participant is entitled to a survivor benefit 
 from the corporation with respect to such 
 eligible participant, and
            (iv) such surviving spouse elects (at such 
 time and in such manner as the Secretary may 
 provide) the application of this subparagraph,
 subparagraph
        (A) shall not apply and any amount which 
 would have (but for such taxpayer's death) been 
 included in the gross income of such taxpayer under 
 paragraph

    (1) for any taxable year beginning after the 
 date of such death shall be included in the gross 
 income of such surviving spouse for the taxable year of 
 such surviving spouse ending with or within such 
 taxable year of the taxpayer.

    (e) Amendment to 

Section 4005 of ERISA.--

Section 4005

    (b)

    (2)
        (A) of 
the Employee Retirement Income Security Act of 1974 (29 U.S.C. 
1305

    (b)

    (2)
        (A) ) is amended by inserting after ``4022'' the following: 
``(including any portion of monthly benefits guaranteed pursuant to 

section 2

    (a) of the Delphi Retirees Pension Restoration Act)''.
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