The Susan Muffley Act increases pension benefits for workers and retirees from six specific Delphi-related pension plans that were terminated. The bill requires the Pension Benefit Guaranty Corporation to recalculate and increase guaranteed benefits to the full vested amount for eligible participants and beneficiaries, removing earlier limits on how much could be guaranteed. Within 180 days of the law's enactment, the corporation must pay lump-sum payments to affected individuals for all past benefits they were underpaid, including 6 percent annual interest on those underpaid amounts. The bill establishes a trust fund in the Treasury to cover the costs of increased monthly benefits and administrative expenses, with funding coming from general Treasury resources. Additionally, the legislation allows individuals to spread the tax impact of lump-sum payments over three years, with special provisions for surviving spouses if the original participant dies.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.