I
119THCONGRESS
1
STSESSION H. R. 1357
To increase the benefits guaranteed in connection with certain pension plans,
and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
FEBRUARY13, 2025
Mr. T
URNERof Ohio (for himself, Ms. KAPTUR, Ms. TENNEY, Ms. MOORE
of Wisconsin, Mr. W
EBSTERof Florida, Mr. SMITHof Washington, Mr.
R
ULLI, Mr. AUSTINSCOTTof Georgia, Mr. BAIRD, Mr. BERGMAN, Mr.
T
HANEDAR, Mr. BALDERSON, Mr. STEIL, Mr. POCAN, Mr. JOYCEof
Ohio, Ms. M
CDONALDRIVET, and Mrs. SPARTZ) 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 consider-
ation 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 Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Susan Muffley Act of 4
2025’’. 5
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SEC. 2. GUARANTEED BENEFIT CALCULATION FOR CER-1
TAIN PLANS. 2
(a) I
NGENERAL.— 3
(1) I
NCREASE TO FULL VESTED PLAN BEN -4
EFIT.— 5
(A) I
N GENERAL.—For purposes of deter-6
mining what benefits are guaranteed under sec-7
tion 4022 of the Employee Retirement Income 8
Security Act of 1974 (in this section referred to 9
as ‘‘ERISA’’) with respect to an eligible partici-10
pant or beneficiary under a covered plan speci-11
fied in paragraph (4) in connection with the 12
termination of such plan, the amount of month-13
ly benefits shall be equal to the full vested plan 14
benefit with respect to the participant. 15
(B) N
O EFFECT ON PREVIOUS DETER -16
MINATIONS.—Nothing in this Act shall be con-17
strued to change the allocation of assets and re-18
coveries under sections 4044(a) and 4022(c) of 19
ERISA as previously determined by the Pension 20
Benefit Guaranty Corporation (in the section 21
referred to as the ‘‘corporation’’) for the cov-22
ered plans specified in paragraph (4), and the 23
corporation’s applicable rules, practices, and 24
policies on benefits payable in terminated sin-25
gle-employer plans shall, except as otherwise 26
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provided in this section, continue to apply with 1
respect to such covered plans. 2
(2) R
ECALCULATION OF CERTAIN BENEFITS .— 3
(A) I
N GENERAL.—In any case in which 4
the amount of monthly benefits with respect to 5
an eligible participant or beneficiary described 6
in paragraph (1) was calculated prior to the 7
date of enactment of this Act, the corporation 8
shall recalculate such amount pursuant to para-9
graph (1), and shall adjust any subsequent pay-10
ments of such monthly benefits accordingly, as 11
soon as practicable after such date. 12
(B) L
UMP-SUM PAYMENTS OF PAST -DUE 13
BENEFITS.—Not later than 180 days after the 14
date of enactment of this Act, the corporation, 15
in consultation with the Secretary of the Treas-16
ury and the Secretary of Labor, shall make a 17
lump-sum payment to each eligible participant 18
or beneficiary whose guaranteed benefits are re-19
calculated under subparagraph (A) in an 20
amount equal to— 21
(i) in the case of an eligible partici-22
pant, the excess of— 23
(I) the total of the full vested 24
plan benefits of the participant for all 25
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months for which such guaranteed 1
benefits were paid prior to such recal-2
culation, over 3
(II) the sum of any applicable 4
payments made to the eligible partici-5
pant; and 6
(ii) in the case of an eligible bene-7
ficiary, the sum of— 8
(I) the amount that would be de-9
termined under clause (i) with respect 10
to the participant of which the eligible 11
beneficiary is a beneficiary if such 12
participant were still in pay status; 13
plus 14
(II) the excess of— 15
(aa) the total of the full 16
vested plan benefits of the eligi-17
ble beneficiary for all months for 18
which such guaranteed benefits 19
were paid prior to such recalcula-20
tion, over 21
(bb) the sum of any applica-22
ble payments made to the eligible 23
beneficiary. 24
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Notwithstanding the previous sentence, the cor-1
poration shall increase each lump-sum payment 2
made under this subparagraph to account for 3
foregone interest in an amount determined by 4
the corporation designed to reflect a 6 percent 5
annual interest rate on each past-due amount 6
attributable to the underpayment of guaranteed 7
benefits for each month prior to such recalcula-8
tion. 9
(C) E
LIGIBLE PARTICIPANTS AND BENE -10
FICIARIES.— 11
(i) I
N GENERAL.—For purposes of 12
this section, an eligible participant or bene-13
ficiary is a participant or beneficiary 14
who— 15
(I) as of the date of the enact-16
ment of this Act, is in pay status 17
under a covered plan or is eligible for 18
future payments under such plan; 19
(II) has received or will receive 20
applicable payments in connection 21
with such plan (within the meaning of 22
clause (ii)) that does not exceed the 23
full vested plan benefits of such par-24
ticipant or beneficiary; and 25
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(III) is not covered by the 1999 1
agreements between General Motors 2
and various unions providing a top-up 3
benefit to certain hourly employees 4
who were transferred from the Gen-5
eral Motors Hourly-Rate Employees 6
Pension Plan to the Delphi Hourly- 7
Rate Employees Pension Plan. 8
(ii) A
PPLICABLE PAYMENTS .—For 9
purposes of this paragraph, applicable pay-10
ments to a participant or beneficiary in 11
connection with a plan consist of the fol-12
lowing: 13
(I) Payments under the plan 14
equal to the normal benefit guarantee 15
of the participant or beneficiary. 16
(II) Payments to the participant 17
or beneficiary made pursuant to sec-18
tion 4022(c) or otherwise received 19
from the corporation in connection 20
with the termination of the plan. 21
(3) D
EFINITIONS.—For purposes of this sub-22
section— 23
(A) F
ULL VESTED PLAN BENEFIT .—The 24
term ‘‘full vested plan benefit’’ means the 25
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amount of monthly benefits that would be guar-1
anteed under section 4022 of ERISA as of the 2
date of plan termination with respect to an eli-3
gible participant or beneficiary if such section 4
were applied without regard to the phase-in 5
limit in subsection (b)(1) of such Act and the 6
maximum guaranteed benefit limitation in sub-7
section (b)(3) of such Act (including the ac-8
crued-at-normal limitation). 9
(B) N
ORMAL BENEFIT GUARANTEE .—The 10
term ‘‘normal benefit guarantee’’ means the 11
amount of monthly benefits guaranteed under 12
such section with respect to an eligible partici-13
pant or beneficiary without regard to this Act. 14
(4) C
OVERED PLANS.—The covered plans speci-15
fied in this paragraph are the following: 16
(A) The Delphi Hourly-Rate Employees 17
Pension Plan. 18
(B) The Delphi Retirement Program for 19
Salaried Employees. 20
(C) The PHI Non-Bargaining Retirement 21
Plan. 22
(D) The ASEC Manufacturing Retirement 23
Program. 24
(E) The PHI Bargaining Retirement Plan. 25
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(F) The Delphi Mechatronic Systems Re-1
tirement Program. 2
(5) T
REATMENT OF PBGC DETERMINATIONS .— 3
Any determination made by the corporation under 4
this section concerning a recalculation of benefits or 5
lump-sum payment of past-due benefits shall be sub-6
ject to administrative review by the corporation. Any 7
new determination made by the corporation under 8
this section shall be governed by the same adminis-9
trative review process as any other benefit deter-10
mination by the corporation. 11
(b) T
RUSTFUND FORPAYMENT OF INCREASED 12
B
ENEFITS.— 13
(1) E
STABLISHMENT.—There is established in 14
the Treasury of the United States a trust fund to 15
be known as the ‘‘Delphi Full Vested Plan Benefit 16
Trust Fund’’ (hereafter in this subsection referred 17
to as the ‘‘Fund’’), consisting of such amounts as 18
may be appropriated or credited to the Fund as pro-19
vided in this section. 20
(2) F
UNDING.—There is appropriated from the 21
general fund such amounts as are necessary for the 22
costs of the payment of the portion of monthly bene-23
fits guaranteed to a participant or beneficiary pursu-24
ant to subsection (a) and for necessary administra-25
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tive and operating expenses of the corporation relat-1
ing to such payment. The Fund shall be credited 2
with amounts from time to time as the Secretary of 3
the Treasury, in conjunction with the Director of the 4
corporation, determines appropriate, from the gen-5
eral fund of the Treasury. 6
(3) E
XPENDITURES FROM FUND .—Amounts in 7
the Fund shall be available for the payment of the 8
portion of monthly benefits guaranteed to a partici-9
pant or beneficiary pursuant to subsection (a) and 10
for necessary administrative and operating expenses 11
of the corporation relating to such payment. 12
(c) R
EGULATIONS.—The corporation, in consultation 13
with the Secretary of the Treasury and the Secretary of 14
Labor, may issue such regulations as necessary to carry 15
out this section. 16
(d) T
AXTREATMENT OF LUMP-SUMPAYMENTS.— 17
(1) I
N GENERAL.—Unless the taxpayer elects 18
(at such time and in such manner as the Secretary 19
may provide) to have this paragraph not apply with 20
respect to any lump-sum payment under subsection 21
(a)(2)(B), the amount of such payment shall be in-22
cluded in the taxpayer’s gross income ratably over 23
the 3-taxable-year period beginning with the taxable 24
year in which such payment is received. 25
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(2) SPECIAL RULES RELATED TO DEATH .— 1
(A) I
N GENERAL.—If the taxpayer dies be-2
fore the end of the 3-taxable-year period de-3
scribed in paragraph (1), any amount to which 4
paragraph (1) applies which has not been in-5
cluded in gross income for a taxable year end-6
ing before the taxable year in which such death 7
occurs shall be included in gross income for 8
such taxable year. 9
(B) S
PECIAL ELECTION FOR SURVIVING 10
SPOUSES OF ELIGIBLE PARTICIPANTS .—If— 11
(i) a taxpayer with respect to whom 12
paragraph (1) applies dies, 13
(ii) such taxpayer is an eligible partic-14
ipant, 15
(iii) the surviving spouse of such eligi-16
ble participant is entitled to a survivor 17
benefit from the corporation with respect 18
to such eligible participant, and 19
(iv) such surviving spouse elects (at 20
such time and in such manner as the Sec-21
retary may provide) the application of this 22
subparagraph, 23
subparagraph (A) shall not apply and any 24
amount which would have (but for such tax-25
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payer’s death) been included in the gross in-1
come of such taxpayer under paragraph (1) for 2
any taxable year beginning after the date of 3
such death shall be included in the gross in-4
come of such surviving spouse for the taxable 5
year of such surviving spouse ending with or 6
within such taxable year of the taxpayer. 7
Æ
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