Us Congress 2025-2026 Regular Session

Us Congress House Bill HB1895 Compare Versions

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Old	New	Differences
1	1	I
2	2	119THCONGRESS
3	3	1
4	4	STSESSION H. R. 1895
5	5	To increase the benefits guaranteed in connection with certain pension plans,
6	6	and for other purposes.
7	7	IN THE HOUSE OF REPRESENTATIVES
8	8	MARCH6, 2025
9	9	Mrs. S
10	10	PARTZ(for herself, Mr. TURNERof Ohio, Mr. RULLI, Mr. AUSTIN
11	11	S
12	12	COTTof Georgia, Mr. LANGWORTHY, Mr. THANEDAR, Ms. TLAIB, Ms.
13	13	T
14	14	ENNEY, Mr. STUTZMAN, Mr. LAMALFA, Mr. WILSONof South Carolina,
15	15	Mr. H
16	16	AMADEHof Arizona, Ms. KAPTUR, and Mr. CARSON) introduced
17	17	the following bill; which was referred to the Committee on Education and
18	18	Workforce, and in addition to the Committee on Ways and Means, for
19	19	a period to be subsequently determined by the Speaker, in each case for
20	20	consideration of such provisions as fall within the jurisdiction of the com-
21	21	mittee concerned
22	22	A BILL
23	23	To increase the benefits guaranteed in connection with
24	24	certain pension plans, and for other purposes.
25	25	Be it enacted by the Senate and House of Representa-1
26	26	tives of the United States of America in Congress assembled, 2
27	27	SECTION 1. SHORT TITLE. 3
28	28	This Act may be cited as the ‘‘Delphi Retirees Pen-4
29	29	sion Restoration Act’’. 5
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32	32	•HR 1895 IH
33	33	SEC. 2. GUARANTEED BENEFIT CALCULATION FOR CER-1
34	34	TAIN PLANS. 2
35	35	(a) I
36	36	NGENERAL.— 3
37	37	(1) I
38	38	NCREASE TO FULL VESTED PLAN BEN -4
39	39	EFIT.— 5
40	40	(A) I
41	41	N GENERAL.—For purposes of deter-6
42	42	mining what benefits are guaranteed under sec-7
43	43	tion 4022 of the Employee Retirement Income 8
44	44	Security Act of 1974 (in this section referred to 9
45	45	as ‘‘ERISA’’) with respect to an eligible partici-10
46	46	pant or beneficiary under a covered plan speci-11
47	47	fied in paragraph (4) in connection with the 12
48	48	termination of such plan, the amount of month-13
49	49	ly benefits shall be equal to the full vested plan 14
50	50	benefit with respect to the participant. 15
51	51	(B) N
52	52	O EFFECT ON PREVIOUS DETER -16
53	53	MINATIONS.—Nothing in this Act shall be con-17
54	54	strued to change the allocation of assets and re-18
55	55	coveries under sections 4044(a) and 4022(c) of 19
56	56	ERISA as previously determined by the Pension 20
57	57	Benefit Guaranty Corporation (in the section 21
58	58	referred to as the ‘‘corporation’’) for the cov-22
59	59	ered plans specified in paragraph (4), and the 23
60	60	corporation’s applicable rules, practices, and 24
61	61	policies on benefits payable in terminated sin-25
62	62	gle-employer plans shall, except as otherwise 26
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65	65	•HR 1895 IH
66	66	provided in this section, continue to apply with 1
67	67	respect to such covered plans. 2
68	68	(2) R
69	69	ECALCULATION OF CERTAIN BENEFITS .— 3
70	70	(A) I
71	71	N GENERAL.—In any case in which 4
72	72	the amount of monthly benefits with respect to 5
73	73	an eligible participant or beneficiary described 6
74	74	in paragraph (1) was calculated prior to the 7
75	75	date of enactment of this Act, the corporation 8
76	76	shall recalculate such amount pursuant to para-9
77	77	graph (1), and shall adjust any subsequent pay-10
78	78	ments of such monthly benefits accordingly, as 11
79	79	soon as practicable after such date. 12
80	80	(B) L
81	81	UMP-SUM PAYMENTS OF PAST -DUE 13
82	82	BENEFITS.—Not later than 180 days after the 14
83	83	date of enactment of this Act, the corporation, 15
84	84	in consultation with the Secretary of the Treas-16
85	85	ury and the Secretary of Labor, shall make a 17
86	86	lump-sum payment to each eligible participant 18
87	87	or beneficiary whose guaranteed benefits are re-19
88	88	calculated under subparagraph (A) in an 20
89	89	amount equal to— 21
90	90	(i) in the case of an eligible partici-22
91	91	pant, the excess of— 23
92	92	(I) the total of the full vested 24
93	93	plan benefits of the participant for all 25
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96	96	•HR 1895 IH
97	97	months for which such guaranteed 1
98	98	benefits were paid prior to such recal-2
99	99	culation, over 3
100	100	(II) the sum of any applicable 4
101	101	payments made to the eligible partici-5
102	102	pant; and 6
103	103	(ii) in the case of an eligible bene-7
104	104	ficiary, the sum of— 8
105	105	(I) the amount that would be de-9
106	106	termined under clause (i) with respect 10
107	107	to the participant of which the eligible 11
108	108	beneficiary is a beneficiary if such 12
109	109	participant were still in pay status; 13
110	110	plus 14
111	111	(II) the excess of— 15
112	112	(aa) the total of the full 16
113	113	vested plan benefits of the eligi-17
114	114	ble beneficiary for all months for 18
115	115	which such guaranteed benefits 19
116	116	were paid prior to such recalcula-20
117	117	tion, over 21
118	118	(bb) the sum of any applica-22
119	119	ble payments made to the eligible 23
120	120	beneficiary. 24
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123	123	•HR 1895 IH
124	124	Notwithstanding the previous sentence, the cor-1
125	125	poration shall increase each lump-sum payment 2
126	126	made under this subparagraph to account for 3
127	127	foregone interest in an amount determined by 4
128	128	the corporation designed to reflect a 6 percent 5
129	129	annual interest rate on each past-due amount 6
130	130	attributable to the underpayment of guaranteed 7
131	131	benefits for each month prior to such recalcula-8
132	132	tion. 9
133	133	(C) E
134	134	LIGIBLE PARTICIPANTS AND BENE -10
135	135	FICIARIES.— 11
136	136	(i) I
137	137	N GENERAL.—For purposes of 12
138	138	this section, an eligible participant or bene-13
139	139	ficiary is a participant or beneficiary 14
140	140	who— 15
141	141	(I) as of the date of the enact-16
142	142	ment of this Act, is in pay status 17
143	143	under a covered plan or is eligible for 18
144	144	future payments under such plan; 19
145	145	(II) has received or will receive 20
146	146	applicable payments in connection 21
147	147	with such plan (within the meaning of 22
148	148	clause (ii)) that does not exceed the 23
149	149	full vested plan benefits of such par-24
150	150	ticipant or beneficiary; and 25
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153	153	•HR 1895 IH
154	154	(III) is not covered by the 1999 1
155	155	agreements between General Motors 2
156	156	and various unions providing a top-up 3
157	157	benefit to certain hourly employees 4
158	158	who were transferred from the Gen-5
159	159	eral Motors Hourly-Rate Employees 6
160	160	Pension Plan to the Delphi Hourly- 7
161	161	Rate Employees Pension Plan. 8
162	162	(ii) A
163	163	PPLICABLE PAYMENTS .—For 9
164	164	purposes of this paragraph, applicable pay-10
165	165	ments to a participant or beneficiary in 11
166	166	connection with a plan consist of the fol-12
167	167	lowing: 13
168	168	(I) Payments under the plan 14
169	169	equal to the normal benefit guarantee 15
170	170	of the participant or beneficiary. 16
171	171	(II) Payments to the participant 17
172	172	or beneficiary made pursuant to sec-18
173	173	tion 4022(c) or otherwise received 19
174	174	from the corporation in connection 20
175	175	with the termination of the plan. 21
176	176	(3) D
177	177	EFINITIONS.—For purposes of this sub-22
178	178	section— 23
179	179	(A) F
180	180	ULL VESTED PLAN BENEFIT .—The 24
181	181	term ‘‘full vested plan benefit’’ means the 25
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184	184	•HR 1895 IH
185	185	amount of monthly benefits that would be guar-1
186	186	anteed under section 4022 of ERISA as of the 2
187	187	date of plan termination with respect to an eli-3
188	188	gible participant or beneficiary if such section 4
189	189	were applied without regard to the phase-in 5
190	190	limit in subsection (b)(1) of such Act and the 6
191	191	maximum guaranteed benefit limitation in sub-7
192	192	section (b)(3) of such Act (including the ac-8
193	193	crued-at-normal limitation). 9
194	194	(B) N
195	195	ORMAL BENEFIT GUARANTEE .—The 10
196	196	term ‘‘normal benefit guarantee’’ means the 11
197	197	amount of monthly benefits guaranteed under 12
198	198	such section with respect to an eligible partici-13
199	199	pant or beneficiary without regard to this Act. 14
200	200	(4) C
201	201	OVERED PLANS.—The covered plans speci-15
202	202	fied in this paragraph are the following: 16
203	203	(A) The Delphi Hourly-Rate Employees 17
204	204	Pension Plan. 18
205	205	(B) The Delphi Retirement Program for 19
206	206	Salaried Employees. 20
207	207	(C) The PHI Non-Bargaining Retirement 21
208	208	Plan. 22
209	209	(D) The ASEC Manufacturing Retirement 23
210	210	Program. 24
211	211	(E) The PHI Bargaining Retirement Plan. 25
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214	214	•HR 1895 IH
215	215	(F) The Delphi Mechatronic Systems Re-1
216	216	tirement Program. 2
217	217	(5) T
218	218	REATMENT OF PBGC DETERMINATIONS .— 3
219	219	Any determination made by the corporation under 4
220	220	this section concerning a recalculation of benefits or 5
221	221	lump-sum payment of past-due benefits shall be sub-6
222	222	ject to administrative review by the corporation. Any 7
223	223	new determination made by the corporation under 8
224	224	this section shall be governed by the same adminis-9
225	225	trative review process as any other benefit deter-10
226	226	mination by the corporation. 11
227	227	(b) F
228	228	UNDING FORPAYMENT OFINCREASEDBENE-12
229	229	FITS.—The costs of any payment for the portion of 13
230	230	monthly benefits guaranteed to a participant or bene-14
231	231	ficiary pursuant to subsection (a) and necessary adminis-15
232	232	trative and operating expenses of the corporation relating 16
233	233	to such payment shall be paid using amounts derived from 17
234	234	the unobligated balance of the fund established under sec-18
235	235	tion 4005 of ERISA with respect to basic benefits guaran-19
236	236	teed under section 4022 of ERISA. 20
237	237	(c) R
238	238	EGULATIONS.—The corporation, in consultation 21
239	239	with the Secretary of the Treasury and the Secretary of 22
240	240	Labor, may issue such regulations as necessary to carry 23
241	241	out this section. 24
242	242	(d) T
243	243	AXTREATMENT OF LUMP-SUMPAYMENTS.— 25
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246	246	•HR 1895 IH
247	247	(1) IN GENERAL.—Unless the taxpayer elects 1
248	248	(at such time and in such manner as the Secretary 2
249	249	may provide) to have this paragraph not apply with 3
250	250	respect to any lump-sum payment under subsection 4
251	251	(a)(2)(B), the amount of such payment shall be in-5
252	252	cluded in the taxpayer’s gross income ratably over 6
253	253	the 3-taxable-year period beginning with the taxable 7
254	254	year in which such payment is received. 8
255	255	(2) S
256	256	PECIAL RULES RELATED TO DEATH .— 9
257	257	(A) I
258	258	N GENERAL.—If the taxpayer dies be-10
259	259	fore the end of the 3-taxable-year period de-11
260	260	scribed in paragraph (1), any amount to which 12
261	261	paragraph (1) applies which has not been in-13
262	262	cluded in gross income for a taxable year end-14
263	263	ing before the taxable year in which such death 15
264	264	occurs shall be included in gross income for 16
265	265	such taxable year. 17
266	266	(B) S
267	267	PECIAL ELECTION FOR SURVIVING 18
268	268	SPOUSES OF ELIGIBLE PARTICIPANTS .—If— 19
269	269	(i) a taxpayer with respect to whom 20
270	270	paragraph (1) applies dies, 21
271	271	(ii) such taxpayer is an eligible partic-22
272	272	ipant, 23
273	273	(iii) the surviving spouse of such eligi-24
274	274	ble participant is entitled to a survivor 25
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277	277	•HR 1895 IH
278	278	benefit from the corporation with respect 1
279	279	to such eligible participant, and 2
280	280	(iv) such surviving spouse elects (at 3
281	281	such time and in such manner as the Sec-4
282	282	retary may provide) the application of this 5
283	283	subparagraph, 6
284	284	subparagraph (A) shall not apply and any 7
285	285	amount which would have (but for such tax-8
286	286	payer’s death) been included in the gross in-9
287	287	come of such taxpayer under paragraph (1) for 10
288	288	any taxable year beginning after the date of 11
289	289	such death shall be included in the gross in-12
290	290	come of such surviving spouse for the taxable 13
291	291	year of such surviving spouse ending with or 14
292	292	within such taxable year of the taxpayer. 15
293	293	(e) A
294	294	MENDMENT TO SECTION4005 OFERISA.— 16
295	295	Section 4005(b)(2)(A) of the Employee Retirement In-17
296	296	come Security Act of 1974 (29 U.S.C. 1305(b)(2)(A)) is 18
297	297	amended by inserting after ‘‘4022’’ the following: ‘‘(in-19
298	298	cluding any portion of monthly benefits guaranteed pursu-20
299	299	ant to section 2(a) of the Delphi Retirees Pension Restora-21
300	300	tion Act)’’. 22
301	301	Æ
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