119-s1950

[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.
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