| 1 | 1 | | I |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION H. R. 1357 |
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| 5 | 5 | | To increase the benefits guaranteed in connection with certain pension plans, |
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| 6 | 6 | | and for other purposes. |
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| 7 | 7 | | IN THE HOUSE OF REPRESENTATIVES |
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| 8 | 8 | | FEBRUARY13, 2025 |
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| 9 | 9 | | Mr. T |
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| 10 | 10 | | URNERof Ohio (for himself, Ms. KAPTUR, Ms. TENNEY, Ms. MOORE |
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| 11 | 11 | | of Wisconsin, Mr. W |
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| 12 | 12 | | EBSTERof Florida, Mr. SMITHof Washington, Mr. |
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| 13 | 13 | | R |
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| 14 | 14 | | ULLI, Mr. AUSTINSCOTTof Georgia, Mr. BAIRD, Mr. BERGMAN, Mr. |
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| 15 | 15 | | T |
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| 16 | 16 | | HANEDAR, Mr. BALDERSON, Mr. STEIL, Mr. POCAN, Mr. JOYCEof |
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| 17 | 17 | | Ohio, Ms. M |
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| 18 | 18 | | CDONALDRIVET, and Mrs. SPARTZ) introduced the following |
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| 19 | 19 | | bill; which was referred to the Committee on Education and Workforce, |
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| 20 | 20 | | and in addition to the Committee on Ways and Means, for a period to |
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| 21 | 21 | | be subsequently determined by the Speaker, in each case for consider- |
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| 22 | 22 | | ation of such provisions as fall within the jurisdiction of the committee |
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| 23 | 23 | | concerned |
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| 24 | 24 | | A BILL |
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| 25 | 25 | | To increase the benefits guaranteed in connection with |
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| 26 | 26 | | certain pension plans, and for other purposes. |
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| 27 | 27 | | Be it enacted by the Senate and House of Representa-1 |
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| 28 | 28 | | tives of the United States of America in Congress assembled, 2 |
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| 29 | 29 | | SECTION 1. SHORT TITLE. 3 |
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| 30 | 30 | | This Act may be cited as the ‘‘Susan Muffley Act of 4 |
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| 31 | 31 | | 2025’’. 5 |
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| 33 | 33 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 2 |
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| 34 | 34 | | •HR 1357 IH |
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| 35 | 35 | | SEC. 2. GUARANTEED BENEFIT CALCULATION FOR CER-1 |
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| 36 | 36 | | TAIN PLANS. 2 |
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| 37 | 37 | | (a) I |
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| 38 | 38 | | NGENERAL.— 3 |
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| 39 | 39 | | (1) I |
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| 40 | 40 | | NCREASE TO FULL VESTED PLAN BEN -4 |
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| 41 | 41 | | EFIT.— 5 |
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| 42 | 42 | | (A) I |
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| 43 | 43 | | N GENERAL.—For purposes of deter-6 |
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| 44 | 44 | | mining what benefits are guaranteed under sec-7 |
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| 45 | 45 | | tion 4022 of the Employee Retirement Income 8 |
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| 46 | 46 | | Security Act of 1974 (in this section referred to 9 |
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| 47 | 47 | | as ‘‘ERISA’’) with respect to an eligible partici-10 |
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| 48 | 48 | | pant or beneficiary under a covered plan speci-11 |
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| 49 | 49 | | fied in paragraph (4) in connection with the 12 |
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| 50 | 50 | | termination of such plan, the amount of month-13 |
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| 51 | 51 | | ly benefits shall be equal to the full vested plan 14 |
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| 52 | 52 | | benefit with respect to the participant. 15 |
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| 53 | 53 | | (B) N |
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| 54 | 54 | | O EFFECT ON PREVIOUS DETER -16 |
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| 55 | 55 | | MINATIONS.—Nothing in this Act shall be con-17 |
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| 56 | 56 | | strued to change the allocation of assets and re-18 |
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| 57 | 57 | | coveries under sections 4044(a) and 4022(c) of 19 |
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| 58 | 58 | | ERISA as previously determined by the Pension 20 |
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| 59 | 59 | | Benefit Guaranty Corporation (in the section 21 |
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| 60 | 60 | | referred to as the ‘‘corporation’’) for the cov-22 |
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| 61 | 61 | | ered plans specified in paragraph (4), and the 23 |
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| 62 | 62 | | corporation’s applicable rules, practices, and 24 |
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| 63 | 63 | | policies on benefits payable in terminated sin-25 |
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| 64 | 64 | | gle-employer plans shall, except as otherwise 26 |
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| 66 | 66 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 3 |
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| 67 | 67 | | •HR 1357 IH |
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| 68 | 68 | | provided in this section, continue to apply with 1 |
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| 69 | 69 | | respect to such covered plans. 2 |
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| 70 | 70 | | (2) R |
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| 71 | 71 | | ECALCULATION OF CERTAIN BENEFITS .— 3 |
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| 72 | 72 | | (A) I |
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| 73 | 73 | | N GENERAL.—In any case in which 4 |
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| 74 | 74 | | the amount of monthly benefits with respect to 5 |
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| 75 | 75 | | an eligible participant or beneficiary described 6 |
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| 76 | 76 | | in paragraph (1) was calculated prior to the 7 |
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| 77 | 77 | | date of enactment of this Act, the corporation 8 |
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| 78 | 78 | | shall recalculate such amount pursuant to para-9 |
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| 79 | 79 | | graph (1), and shall adjust any subsequent pay-10 |
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| 80 | 80 | | ments of such monthly benefits accordingly, as 11 |
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| 81 | 81 | | soon as practicable after such date. 12 |
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| 82 | 82 | | (B) L |
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| 83 | 83 | | UMP-SUM PAYMENTS OF PAST -DUE 13 |
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| 84 | 84 | | BENEFITS.—Not later than 180 days after the 14 |
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| 85 | 85 | | date of enactment of this Act, the corporation, 15 |
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| 86 | 86 | | in consultation with the Secretary of the Treas-16 |
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| 87 | 87 | | ury and the Secretary of Labor, shall make a 17 |
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| 88 | 88 | | lump-sum payment to each eligible participant 18 |
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| 89 | 89 | | or beneficiary whose guaranteed benefits are re-19 |
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| 90 | 90 | | calculated under subparagraph (A) in an 20 |
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| 91 | 91 | | amount equal to— 21 |
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| 92 | 92 | | (i) in the case of an eligible partici-22 |
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| 93 | 93 | | pant, the excess of— 23 |
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| 94 | 94 | | (I) the total of the full vested 24 |
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| 95 | 95 | | plan benefits of the participant for all 25 |
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| 97 | 97 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 4 |
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| 98 | 98 | | •HR 1357 IH |
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| 99 | 99 | | months for which such guaranteed 1 |
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| 100 | 100 | | benefits were paid prior to such recal-2 |
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| 101 | 101 | | culation, over 3 |
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| 102 | 102 | | (II) the sum of any applicable 4 |
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| 103 | 103 | | payments made to the eligible partici-5 |
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| 104 | 104 | | pant; and 6 |
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| 105 | 105 | | (ii) in the case of an eligible bene-7 |
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| 106 | 106 | | ficiary, the sum of— 8 |
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| 107 | 107 | | (I) the amount that would be de-9 |
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| 108 | 108 | | termined under clause (i) with respect 10 |
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| 109 | 109 | | to the participant of which the eligible 11 |
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| 110 | 110 | | beneficiary is a beneficiary if such 12 |
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| 111 | 111 | | participant were still in pay status; 13 |
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| 112 | 112 | | plus 14 |
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| 113 | 113 | | (II) the excess of— 15 |
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| 114 | 114 | | (aa) the total of the full 16 |
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| 115 | 115 | | vested plan benefits of the eligi-17 |
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| 116 | 116 | | ble beneficiary for all months for 18 |
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| 117 | 117 | | which such guaranteed benefits 19 |
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| 118 | 118 | | were paid prior to such recalcula-20 |
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| 119 | 119 | | tion, over 21 |
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| 120 | 120 | | (bb) the sum of any applica-22 |
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| 121 | 121 | | ble payments made to the eligible 23 |
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| 122 | 122 | | beneficiary. 24 |
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| 124 | 124 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 5 |
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| 125 | 125 | | •HR 1357 IH |
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| 126 | 126 | | Notwithstanding the previous sentence, the cor-1 |
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| 127 | 127 | | poration shall increase each lump-sum payment 2 |
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| 128 | 128 | | made under this subparagraph to account for 3 |
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| 129 | 129 | | foregone interest in an amount determined by 4 |
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| 130 | 130 | | the corporation designed to reflect a 6 percent 5 |
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| 131 | 131 | | annual interest rate on each past-due amount 6 |
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| 132 | 132 | | attributable to the underpayment of guaranteed 7 |
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| 133 | 133 | | benefits for each month prior to such recalcula-8 |
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| 134 | 134 | | tion. 9 |
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| 135 | 135 | | (C) E |
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| 136 | 136 | | LIGIBLE PARTICIPANTS AND BENE -10 |
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| 137 | 137 | | FICIARIES.— 11 |
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| 138 | 138 | | (i) I |
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| 139 | 139 | | N GENERAL.—For purposes of 12 |
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| 140 | 140 | | this section, an eligible participant or bene-13 |
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| 141 | 141 | | ficiary is a participant or beneficiary 14 |
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| 142 | 142 | | who— 15 |
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| 143 | 143 | | (I) as of the date of the enact-16 |
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| 144 | 144 | | ment of this Act, is in pay status 17 |
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| 145 | 145 | | under a covered plan or is eligible for 18 |
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| 146 | 146 | | future payments under such plan; 19 |
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| 147 | 147 | | (II) has received or will receive 20 |
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| 148 | 148 | | applicable payments in connection 21 |
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| 149 | 149 | | with such plan (within the meaning of 22 |
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| 150 | 150 | | clause (ii)) that does not exceed the 23 |
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| 151 | 151 | | full vested plan benefits of such par-24 |
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| 152 | 152 | | ticipant or beneficiary; and 25 |
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| 154 | 154 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 6 |
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| 155 | 155 | | •HR 1357 IH |
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| 156 | 156 | | (III) is not covered by the 1999 1 |
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| 157 | 157 | | agreements between General Motors 2 |
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| 158 | 158 | | and various unions providing a top-up 3 |
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| 159 | 159 | | benefit to certain hourly employees 4 |
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| 160 | 160 | | who were transferred from the Gen-5 |
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| 161 | 161 | | eral Motors Hourly-Rate Employees 6 |
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| 162 | 162 | | Pension Plan to the Delphi Hourly- 7 |
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| 163 | 163 | | Rate Employees Pension Plan. 8 |
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| 164 | 164 | | (ii) A |
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| 165 | 165 | | PPLICABLE PAYMENTS .—For 9 |
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| 166 | 166 | | purposes of this paragraph, applicable pay-10 |
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| 167 | 167 | | ments to a participant or beneficiary in 11 |
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| 168 | 168 | | connection with a plan consist of the fol-12 |
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| 169 | 169 | | lowing: 13 |
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| 170 | 170 | | (I) Payments under the plan 14 |
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| 171 | 171 | | equal to the normal benefit guarantee 15 |
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| 172 | 172 | | of the participant or beneficiary. 16 |
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| 173 | 173 | | (II) Payments to the participant 17 |
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| 174 | 174 | | or beneficiary made pursuant to sec-18 |
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| 175 | 175 | | tion 4022(c) or otherwise received 19 |
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| 176 | 176 | | from the corporation in connection 20 |
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| 177 | 177 | | with the termination of the plan. 21 |
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| 178 | 178 | | (3) D |
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| 179 | 179 | | EFINITIONS.—For purposes of this sub-22 |
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| 180 | 180 | | section— 23 |
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| 181 | 181 | | (A) F |
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| 182 | 182 | | ULL VESTED PLAN BENEFIT .—The 24 |
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| 183 | 183 | | term ‘‘full vested plan benefit’’ means the 25 |
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| 185 | 185 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 7 |
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| 186 | 186 | | •HR 1357 IH |
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| 187 | 187 | | amount of monthly benefits that would be guar-1 |
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| 188 | 188 | | anteed under section 4022 of ERISA as of the 2 |
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| 189 | 189 | | date of plan termination with respect to an eli-3 |
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| 190 | 190 | | gible participant or beneficiary if such section 4 |
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| 191 | 191 | | were applied without regard to the phase-in 5 |
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| 192 | 192 | | limit in subsection (b)(1) of such Act and the 6 |
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| 193 | 193 | | maximum guaranteed benefit limitation in sub-7 |
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| 194 | 194 | | section (b)(3) of such Act (including the ac-8 |
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| 195 | 195 | | crued-at-normal limitation). 9 |
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| 196 | 196 | | (B) N |
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| 197 | 197 | | ORMAL BENEFIT GUARANTEE .—The 10 |
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| 198 | 198 | | term ‘‘normal benefit guarantee’’ means the 11 |
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| 199 | 199 | | amount of monthly benefits guaranteed under 12 |
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| 200 | 200 | | such section with respect to an eligible partici-13 |
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| 201 | 201 | | pant or beneficiary without regard to this Act. 14 |
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| 202 | 202 | | (4) C |
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| 203 | 203 | | OVERED PLANS.—The covered plans speci-15 |
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| 204 | 204 | | fied in this paragraph are the following: 16 |
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| 205 | 205 | | (A) The Delphi Hourly-Rate Employees 17 |
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| 206 | 206 | | Pension Plan. 18 |
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| 207 | 207 | | (B) The Delphi Retirement Program for 19 |
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| 208 | 208 | | Salaried Employees. 20 |
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| 209 | 209 | | (C) The PHI Non-Bargaining Retirement 21 |
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| 210 | 210 | | Plan. 22 |
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| 211 | 211 | | (D) The ASEC Manufacturing Retirement 23 |
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| 212 | 212 | | Program. 24 |
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| 213 | 213 | | (E) The PHI Bargaining Retirement Plan. 25 |
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| 215 | 215 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 8 |
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| 216 | 216 | | •HR 1357 IH |
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| 217 | 217 | | (F) The Delphi Mechatronic Systems Re-1 |
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| 218 | 218 | | tirement Program. 2 |
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| 219 | 219 | | (5) T |
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| 220 | 220 | | REATMENT OF PBGC DETERMINATIONS .— 3 |
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| 221 | 221 | | Any determination made by the corporation under 4 |
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| 222 | 222 | | this section concerning a recalculation of benefits or 5 |
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| 223 | 223 | | lump-sum payment of past-due benefits shall be sub-6 |
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| 224 | 224 | | ject to administrative review by the corporation. Any 7 |
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| 225 | 225 | | new determination made by the corporation under 8 |
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| 226 | 226 | | this section shall be governed by the same adminis-9 |
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| 227 | 227 | | trative review process as any other benefit deter-10 |
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| 228 | 228 | | mination by the corporation. 11 |
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| 229 | 229 | | (b) T |
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| 230 | 230 | | RUSTFUND FORPAYMENT OF INCREASED 12 |
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| 231 | 231 | | B |
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| 232 | 232 | | ENEFITS.— 13 |
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| 233 | 233 | | (1) E |
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| 234 | 234 | | STABLISHMENT.—There is established in 14 |
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| 235 | 235 | | the Treasury of the United States a trust fund to 15 |
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| 236 | 236 | | be known as the ‘‘Delphi Full Vested Plan Benefit 16 |
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| 237 | 237 | | Trust Fund’’ (hereafter in this subsection referred 17 |
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| 238 | 238 | | to as the ‘‘Fund’’), consisting of such amounts as 18 |
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| 239 | 239 | | may be appropriated or credited to the Fund as pro-19 |
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| 240 | 240 | | vided in this section. 20 |
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| 241 | 241 | | (2) F |
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| 242 | 242 | | UNDING.—There is appropriated from the 21 |
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| 243 | 243 | | general fund such amounts as are necessary for the 22 |
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| 244 | 244 | | costs of the payment of the portion of monthly bene-23 |
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| 245 | 245 | | fits guaranteed to a participant or beneficiary pursu-24 |
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| 246 | 246 | | ant to subsection (a) and for necessary administra-25 |
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| 248 | 248 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 9 |
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| 249 | 249 | | •HR 1357 IH |
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| 250 | 250 | | tive and operating expenses of the corporation relat-1 |
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| 251 | 251 | | ing to such payment. The Fund shall be credited 2 |
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| 252 | 252 | | with amounts from time to time as the Secretary of 3 |
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| 253 | 253 | | the Treasury, in conjunction with the Director of the 4 |
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| 254 | 254 | | corporation, determines appropriate, from the gen-5 |
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| 255 | 255 | | eral fund of the Treasury. 6 |
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| 256 | 256 | | (3) E |
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| 257 | 257 | | XPENDITURES FROM FUND .—Amounts in 7 |
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| 258 | 258 | | the Fund shall be available for the payment of the 8 |
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| 259 | 259 | | portion of monthly benefits guaranteed to a partici-9 |
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| 260 | 260 | | pant or beneficiary pursuant to subsection (a) and 10 |
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| 261 | 261 | | for necessary administrative and operating expenses 11 |
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| 262 | 262 | | of the corporation relating to such payment. 12 |
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| 263 | 263 | | (c) R |
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| 264 | 264 | | EGULATIONS.—The corporation, in consultation 13 |
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| 265 | 265 | | with the Secretary of the Treasury and the Secretary of 14 |
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| 266 | 266 | | Labor, may issue such regulations as necessary to carry 15 |
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| 267 | 267 | | out this section. 16 |
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| 268 | 268 | | (d) T |
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| 269 | 269 | | AXTREATMENT OF LUMP-SUMPAYMENTS.— 17 |
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| 270 | 270 | | (1) I |
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| 271 | 271 | | N GENERAL.—Unless the taxpayer elects 18 |
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| 272 | 272 | | (at such time and in such manner as the Secretary 19 |
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| 273 | 273 | | may provide) to have this paragraph not apply with 20 |
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| 274 | 274 | | respect to any lump-sum payment under subsection 21 |
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| 275 | 275 | | (a)(2)(B), the amount of such payment shall be in-22 |
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| 276 | 276 | | cluded in the taxpayer’s gross income ratably over 23 |
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| 277 | 277 | | the 3-taxable-year period beginning with the taxable 24 |
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| 278 | 278 | | year in which such payment is received. 25 |
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| 280 | 280 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 10 |
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| 281 | 281 | | •HR 1357 IH |
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| 282 | 282 | | (2) SPECIAL RULES RELATED TO DEATH .— 1 |
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| 283 | 283 | | (A) I |
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| 284 | 284 | | N GENERAL.—If the taxpayer dies be-2 |
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| 285 | 285 | | fore the end of the 3-taxable-year period de-3 |
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| 286 | 286 | | scribed in paragraph (1), any amount to which 4 |
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| 287 | 287 | | paragraph (1) applies which has not been in-5 |
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| 288 | 288 | | cluded in gross income for a taxable year end-6 |
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| 289 | 289 | | ing before the taxable year in which such death 7 |
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| 290 | 290 | | occurs shall be included in gross income for 8 |
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| 291 | 291 | | such taxable year. 9 |
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| 292 | 292 | | (B) S |
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| 293 | 293 | | PECIAL ELECTION FOR SURVIVING 10 |
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| 294 | 294 | | SPOUSES OF ELIGIBLE PARTICIPANTS .—If— 11 |
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| 295 | 295 | | (i) a taxpayer with respect to whom 12 |
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| 296 | 296 | | paragraph (1) applies dies, 13 |
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| 297 | 297 | | (ii) such taxpayer is an eligible partic-14 |
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| 298 | 298 | | ipant, 15 |
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| 299 | 299 | | (iii) the surviving spouse of such eligi-16 |
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| 300 | 300 | | ble participant is entitled to a survivor 17 |
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| 301 | 301 | | benefit from the corporation with respect 18 |
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| 302 | 302 | | to such eligible participant, and 19 |
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| 303 | 303 | | (iv) such surviving spouse elects (at 20 |
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| 304 | 304 | | such time and in such manner as the Sec-21 |
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| 305 | 305 | | retary may provide) the application of this 22 |
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| 306 | 306 | | subparagraph, 23 |
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| 307 | 307 | | subparagraph (A) shall not apply and any 24 |
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| 308 | 308 | | amount which would have (but for such tax-25 |
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| 310 | 310 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 11 |
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| 311 | 311 | | •HR 1357 IH |
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| 312 | 312 | | payer’s death) been included in the gross in-1 |
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| 313 | 313 | | come of such taxpayer under paragraph (1) for 2 |
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| 314 | 314 | | any taxable year beginning after the date of 3 |
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| 315 | 315 | | such death shall be included in the gross in-4 |
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| 316 | 316 | | come of such surviving spouse for the taxable 5 |
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| 317 | 317 | | year of such surviving spouse ending with or 6 |
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| 318 | 318 | | within such taxable year of the taxpayer. 7 |
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| 319 | 319 | | Æ |
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| 321 | 321 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB |
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